419 New Cars – Internet (Memo Account)

Sales

New Vehicle Department

Sales Synopsis

Account 419, New Cars - Internet, is established as a memo account only to “break-out” sales produced by the dealership’s Internet marketing efforts.

Debits

Credits

 

  1. Actual selling price of new cars sold as a result of Internet activity recorded in Accounts 400-418 above

 

619 New Cars – Internet (Memo Account)

Cost of Sales

New Vehicle Department

Cost of Sales Synopsis

The inventory values of Cars sold above is recorded as the Cost of Sales in this account.

Debits

Credits

  1. Cost of new cars sold resulting from Internet promotions recorded in Accounts 600-618

 

 

Example 1

Record the sale of a new vehicle for the amount of $17,571 and a cost of $16,721 resulting from Internet promotions.

Journal: Statistical Data

Entry:

 

Debit

Credit

Account 419

Sales – New Cars – Internet

 

$17,571

Account 619

Cost of Sales – New Cars – Internet

$16,721

 

Comments

The Internet Sales for each respective Division should be recorded as indicated in the table below:

CARS

Account

(A)

(B)

(C)

(D)

(E)

(G)

(J)

(L)

(M)

(K)

400/418 600/618

Chevrolet ICE

Chevrolet EV

Buick ICE

Buick EV

Cadillac ICE

Cadillac EV

Other non-GM

Fleet

Govt

SBC