440 – Used Other– Retail

Used Vehicle Department

Sales Synopsis

Account 440

Debits

Credits

 

  1. The gross sales price of used other vehicles sold at retail.

640 – Used Other– Retail

Used Vehicle Department

Cost of Sales Synopsis

Account 640

Debits

Credits

  1. The current inventory value (excluding reconditioning costs) of used other vehicles retailed.

 

 

 

Remarks:

This account should be used for all used vehicles other than Subaru brand vehicles.  When used vehicles are sold at retail, reconditioning costs should be recorded separately to Used Other Reconditioning (Account 631) in the used vehicle sales journal.

Charges incurred for separate items, such as title search fees, should be included in the cost of sales of the vehicle.  Such items should not be considered as offsetting credits to expense or as other income unless required by law.

Discounts and over allowances on used vehicle sales should be netted against the gross sale amount since a separate account has not been provided for these items.

All sales and cost data should be recorded on the vehicle inventory record, at the time of sale.

Note: