441 New Trucks - Internal

Sales

New Vehicle Department

Sales Synopsis

New Trucks, which are sold to other departments within the dealership, are recorded in this account.  For example, a pickup truck might be sold to the Parts Department as a delivery vehicle.

Debits

Credits

 

  1. Internal selling price of new trucks sold to other departments

 


641 New Trucks - Internal

Cost of Sales

New Vehicle Department

Cost of Sales Synopsis

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

Debits

Credits

  1. Cost of new trucks sold to other departments

 

 

Example 1

Record the $60,841 sale of a truck to the Parts & Accessories Department to be used for deliveries.  The inventory value is $60,641.

Journal: New Vehicle Sales

Entry:

 

Debit

Credit

Account 285

Company Vehicles

$60,841

 

Account 641

Cost of Sales – New Trucks – Internal

$60,641

 

Account 441

Sales – New Trucks – Internal

 

$60,841

Account 237

New Truck Inventory

 

$60,641