423-438 New Trucks - Retail

Sales

New Vehicle Department

Sales Synopsis

The sales of New GM Trucks sold at retail to end-users are recorded in Accounts 423 through 438.

Debits

Credits

 

  1. Actual selling price of new trucks sold to retail customers

 


623-638 New Trucks - Retail

Cost of Sales

New Vehicle Department

Cost of Sales Synopsis

The inventory values for the New Trucks sold above are recorded in the Cost of Sales Accounts 623 through 638.

Debits

Credits

  1. Cost of new trucks sold to retail customers

  1. Credits received from the factory on sales to General Motors’ employees under the General Motors Employee Purchase Plan

 

Example 1

Record a new truck sale for the amount of $41,551 with a finance contract reserve of $1,297, sales tax of $2,078 and Registration Fees of $180.  The inventory value is $40,151.

Journal: New Truck Sales

Entry:

 

Debit

Credit

Account 205

Contracts in Transit

$43,809

 

Account 262

Due from Finance Companies

$1,297

 

Account 623-638

Cost of Sales – New Trucks – Retail

$40,151

 

Account 423-438

Sales – New Trucks – Retail

 

$41,551

Account 237

New Trucks Inventory

 

$40,151

Account 324A

Sales Taxes Payable – Excise Taxes

 

$2,078

Account 806

Finance Income – New

 

$1,297

Account 910

Document Handling Fees

 

$180

Comments

New Truck Sales for each respective Division should be posted in the accounts as indicated in the current TB Edit file.

 

The selling price is credited to the Sales account and the inventory value is posted to the corresponding Cost of Sales account.

 

Dealer installed Accessories sold by the New Vehicle Department should be recorded in Account 457, Accessories.

 

Each vehicle sale should be recorded at actual selling price.  Actual selling price means the selling price to the customer less discounts and overallowances.

 

The manufacturer will designate the account number to assign to each model of vehicles sold as indicated in the table above.

 

Each vehicle sale should be costed individually.  The cost of a new vehicle is defined in the Asset section under Vehicle Inventories (New Vehicles).

 

The cost of the vehicle should be determined from the Factory Invoice or other Vehicle Inventory record.  If any items have not been posted to this record, refer to underlying repair orders and invoices to determine the vehicle’s cost.


Factory price reductions, which occur after the sales of vehicles, are reductions of cost and should be credited to the appropriate vehicle cost of sales account.

Note:

New vehicles transferred to other authorized GM dealers are not sales and should not be recorded in these sales and cost of sales accounts.  Sales and exchanges of new vehicles between GM dealerships should be recorded as inventory transfers, at the vehicle inventory value, through the applicable new vehicle inventory accounts.

 

Transactions, which are related, should be recorded in separate sub-accounts.  Sub-accounts serve to keep records organized for future analysis and auditing.  The sub-accounts in these examples are designated by a letter following the account number (suffix).  Please refer to your DSP's instructions for establishing sub-accounts.

 
 

CHEVROLET

Cars

Sales

Cost of Sales

 

Trucks

Sales

Cost of Sales

 

A/C

A/C

 

 

A/C

A/C

IMPALA

400A

600A

 

EXPRESS

425A

625A

SS

403A

603A

 

COLORADO

428A

628A

MALIBU

404A

604A

 

SILVERADO

429A

629A

CAMARO

405A

605A

 

AVALANCHE

  430A

630A

CORVETTE

407A

607A

 

TAHOE

  431A

631A

SPARK

408A

608A

 

SUBURBAN

  432A

632A

AVEO

409A

609A

 

EQUINOX

  434A

   634A

CRUZE

411A

611A

 

HHR

  435A

   635A

VOLT

412A

612A

 

TRAVERSE

  436A

   636A

SONIC

413A

613A

 

MED C-T-W SERIES

  437A

   637A

OTHER CHEVY CAR

417A

617A

 

OTHER CHEVY TRUCK

  438A

   638A

OTHER CHEVY CAR

418A

618A

 

 

 

 

 
 
 
 

BUICK

Cars

Sales

Cost of Sales

 

Trucks

Sales

Cost of Sales

 

A/C

A/C

 

 

A/C

A/C

VERANO

400D

600D

 

ENCLAVE

425D

625D

REGAL

402D

602D

 

ENCORE

426D

626D

LUCERNE

404D

604D

 

OTHER BUICK TRUCK

  438D

   638D

LACROSSE

406D

606D

 

 

 

 

OTHER BUICK CAR

418D

618D

 

 

 

 

 

 

 

 

 

 

 

 

CADILLAC

Cars

Sales

Cost of Sales

 

Trucks

Sales

Cost of Sales

 

A/C

A/C

 

 

A/C

A/C

DTS PLATINUM

400E

600E

 

ESCALADE PLATINUM

429E

629E

DTS

401E

601E

 

ESCALADE EXT

430E

630E

STS PLATINUM

402E

602E

 

ESCALADE

431E

631E

ELR

  404E

    604E

 

ESCALADE ESV

432E

632E

STS

405E

605E

 

ESCALADE ESV PLATINUM

433E

633E

SRX

406E

606E

 

OTHER CADILLAC TRUCK

438E

638E

CTS V

407E

607E

 

 

 

 

CTS

408E

608E

 

 

 

 

XTS

409E

609E

 

 

 

 

ATS

410E

610E

 

 

 

 

CTS SPORT WAGON

411E

611E

 

 

 

 

OTHER CADILLAC CAR

418E

618E

 

 

 

 

 

GMC TRUCK

 

 

 

 

Trucks

Sales

Cost of Sales

 

 

 

 

 

A/C

A/C

 

 

 

 

ACADIA

423F

623F

 

 

 

 

TERRAIN

424F

624F

 

 

 

 

G-VAN (SAVANA)

425F

625F

 

 

 

 

CANYON

428F

628F

 

 

 

 

SIERRA

429F

629F

 

 

 

 

YUKON-DENALI

431F

631F

 

 

 

 

YUKON XL-DENALI

432F

632F

 

 

 

 

MED C-T-W SERIES

437F

637F

 

 

 

 

OTH GMC TRKS

438F

638F

 

 

 

OTHER NON-GM

Cars

Sales

Cost of Sales

 

Trucks

Sales

Cost of Sales

 

A/C

A/C

 

 

A/C

A/C

OTH CAR - 1

400J

600J

 

OTH TRK - 1

423J

623J

OTH CAR - 2

401J

601J

 

OTH TRK - 2

424J

624J

OTH CAR - 3

402J

602J

 

OTH TRK - 3

425J

625J

OTH CAR - 4

403J

603J

 

OTH TRK - 4

426J

626J

OTH CAR - 5

404J

604J

 

OTH TRK - 5

427J

627J

OTH CAR - 6

405J

605J

 

OTH TRK - 6

428J

628J

OTH CAR - 7

406J

606J

 

OTH TRK - 7

429J

629J

OTH CAR - 8

407J

607J

 

OTH TRK - 8

430J

630J

OTH CAR - 9

408J

608J

 

OTH TRK - 9

431J

631J

OTH CAR - 10

409J

609J

 

 OTH TRK - 10

432J

632J

OTH CAR - 11

410J

610J

 

OTH TRK - 11

433J

633J

OTH CAR - 12

411J

611J

 

OTH TRK - 12

434J

634J

OTH CAR - 13

412J

612J

 

OTH TRK - 13

435J

635J

OTH CAR - 14

413J

613J

 

OTH TRK - 14

436J

636J

OTH CAR - 15

414J

614J

 

OTH TRK - 15

437J

637J

OTH CAR - 16

415J

615J

 

OTH TRK - 16

438J

638J

OTH CAR - 17

416J

616J

 

 

 

 

OTH CAR - 18

417J

617J

 

 

 

 

OTH CAR - 19

418J

618J