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 |
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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 |
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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 |