Fixed Assets

brendacmbc · #1 Apr 18, 2007, 06:48 AM

What is the offsetting account to record the Fixed Assets and Accumulated Depreciation beginning balances in a new set of books? For example:

Debit Credit
Fixed Asset XXX
Accum Depr XXX
What Account? XXX

I think it is Retained Earnings, but I am not sure.

Smith21000 · Apr 18, 2007, 07:17 AM

Could you please clarify what you mean by new set of books.



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