I am building quite a repertoire of questions for the accountant when she returns from holidays.
Hope someone in the meantime can help me with this one
I purchase a computer for my business and pay for it out of company funds $3800. Should I set this up as a fixed asset or just set up an accumulated deprecation account and depreciation expense account and credit and debit each the amount of depreciation?
Also, could someone briefly explain the effect of fixed assets on the income statement and balance sheet.
One final question, could someone or some people suggest possible accounting books I could look at, I don't want to always be going to an accountant for something that may be quite simple to address.
Thanks,
JP