I will try to explain. I recently opened my new business and my former boss had given me a piece of equipment to use in this business. Now I need to determine how to post it to my books properly. Obviously I know to add the equipment to my assets and create a depreciation account for it. But what would it's offsetting account be?

I know that it usually would be cash in checking (in most cases) if I bought the equipment new, but I didn't pay for it, and have no documentation of it whatsoever. How can a post and account for it properly??

Thanks!