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 |
|
|
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 |
|
|
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.