492 Miscellaneous

Sales

Fixed Operations

Sales Synopsis

Account 492, Miscellaneous is established to record the sales of items, which cannot be properly classified in any other account.

Debits

Credits

 

  1. Actual selling price of automotive merchandise, materials and supplies sold which are not otherwise provided for

  2. Actual selling price of other merchandise sold, which was recorded in Account 252 Other (inventory)

 

692 Miscellaneous

Cost of Sales

Fixed Operations

Cost of Sales Synopsis

Account 692 is established to record the Cost of Sales of items sold in Account 492 above.

Debits

Credits

  1. Cost of items recorded as sales in Account 492, Miscellaneous

  2. Adjustment to decrease the value of Account 252, Other (Inventory)

 

  1. Adjustment to increase the value of Account 252, Other (Inventory)

Example 1

Record the $2,230 sale of a farm implement.  The parts sale is $2,125 and the sales tax is $105.  The cost of the farm implement is $1,475.

Journal: Parts Sales - Cash

Entry:

 

Debit

Credit

Account 225

Cash Sales

$2,230

 

Account 692

Cost of Sales – Parts – Miscellaneous

$1,475

 

Account 492

Sales – Parts – Miscellaneous

 

$2,125

Account 252

Other Inventory

 

$1,475

Account 324

Sales Taxes Payable

 

$105