740 F & I Manager Commissions

Lease & Rental Activity

F & I, Protection Plan Activity

Cost of Sales Synopsis

Account 740, F & I Manager Commissions is established to record the amount of Commissions earned by F & I Managers on Lease and Rental vehicles.

Debits

Credits

  1. The amount of commissions paid or payable to F & I Managers related to Lease and Rental vehicles

 

 

Example 1

Record the accrual for the F & I Manager commissions on lease vehicles for the month in the amount of $2,843.

Journal: Payroll

Entry:

 

Debit

Credit

Account 740

F & I Manager Commissions – Lease & Rental Activity

$2,843

 

Account 321

Salaries, Wages & Commissions Payable

 

$2,843