Ask Experts Questions for FREE Help !
Ask
    brendacmbc's Avatar
    brendacmbc Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 18, 2007, 07:48 AM
    Fixed Assets
    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's Avatar
    Smith21000 Posts: 69, Reputation: 9
    Junior Member
    		  
    #2

    Apr 18, 2007, 08:17 AM
    Could you please clarify what you mean by new set of books.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

30 fixed IO vs traditional 30 yr [ 2 Answers ]

I am trying to figure out the type of mortagage that is best for me and my wife and saw a 30 yr fixed with an interest only option and am curious to know how they difference and if I am going to be paying more for one as opposed the other. Thanks

Assets [ 1 Answers ]

Is it correct to credit your asset cost account and debit your asset depreciation account on the balance when an asset is fully depreciated but still in use.

Assets [ 4 Answers ]

Some companies have an asset account called "Renovations". If renovations should be considered an asset, then shouldn't repairs of capital assets be as well? I'm asking this because my textbook puts repairs immediately in the expense account.

Assets [ 1 Answers ]

I have a savings and checking account in a bank. I have both in trust accounts, in case I die the money would go to my children. I am 68 yrs old. I have some stocks, and annuities. How can I protect the (Mostly) the SAVINGS account, so it cannot be attached by a lien, or lawsuit.

View more questions Search