653 Adjustment – Used Truck Inventory
Cost of Sales
Used Vehicle Department
Cost of Sales Synopsis
Account 653, Adjustment – Used Truck Inventory is established to record the amount required to bring the inventory in line with current market values.
Debits |
Credits |
|
|
Example 1
Record the $200 write-down of a used truck in inventory.
Journal: General Journal
Entry: |
|
Debit |
Credit |
Account 653 |
Adjustment – Used Truck Inventory |
$200 |
|
Account 241 |
Inventory – Used Trucks |
|
$200 |