Ask Experts Questions for FREE Help!
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps
 
Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Accounting    Ask about another Subject  
 
PDA

brendacmbc
Apr 18, 2007, 07:48 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, 08:17 AM
Could you please clarify what you mean by new set of books.