423-438L New Trucks - Fleet

Sales

New Vehicle Department

Sales Synopsis

The "L" series is established for the sales of Fleet Sales of Trucks

Debits

Credits

 

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

 


623-638L New Trucks - Fleet

Cost of Sales

New Vehicle Department

Cost of Sales Synopsis

The inventory values of the New Trucks sold in the accounts above are recorded as the Cost of Sales in this account.

Debits

Credits

  1. Cost of new trucks sold to fleet customers

 

 

Example 1

Record a new Chevrolet Large EV sale for the amount of $82,651 to a fleet customer.  The sales tax is $6,482 and the Documentation Fees are $380.  The inventory value is $80,151.

Journal: New Truck Sales

Entry:

 

Debit

Credit

Account 220A

Accounts Receivable – Customer – Vehicles

$85,064

 

Account 622L

Cost of Sales – New Trucks – Fleet

$80,151

 

Account 442L

Sales – New Trucks – Fleet (Chev EV)

 

$82,651

Account 237

New Trucks Inventory

 

$80,151

Account 324A

Sales Taxes Payable – Excise Taxes

 

$2,033

Account 910

Document Handling Fees

 

$380

Comments

The Fleet Sales for each respective Model should be recorded in the appropriate model account with "L" as the suffix, as indicated in the table below:

TRUCKS

Account

(A)

(B)

(C)

(D)

(E)

(G)

(J)

(L)

(M)

(K)

(N)

423/438 623/638

Chevrolet ICE

Chevrolet EV

Buick ICE

Buick EV

Cadillac ICE

Cadillac EV

Other non-GM

Fleet

Govt

SBC

BrightDrop

Note:

Incentives from GM offered as assistance for making Fleet Sales should be credited to Account 6xxL, New Trucks - Fleet (Cost of Sales), which has the effect of reducing the cost of sale.  The off-setting debit is recorded in Account 261, Factory Receivables.