Assets As Debits Bookkeeping Question

by Linda Hampton
(Martinez, CA )

Assets As Debits

Assets As Debits

Am trying to learn the basics of bookkeeping and I can't seem to grasp the concept of assets as a debit.

I am using Bookkeeping for Dummies and Bookkeeping Made Simple as study guides.

Click here to read or post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Asset disposal with loan payout and new loan and asset purchase

Purchased new vehicle and traded in old. The amount owing on old vehicle was 14000. received 17000. trade in allowance. I have credit old vehicle asset and debited accumulated depreciation with difference going to gain or loss, but do not know what to do with the 3000 gain on trade in.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Assets or expenses?

by Niekia
(Canada)

Hi, We run an irrigation business. We buy parts and receive an invoice. We then use those parts pretty much immediately to complete the job at which point we invoice the client for the parts and the service. When recording our purchase of the parts should they be recorded as assets or expenses?

Thank you for your help!

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Asset Reimbursement Trade

by Elaine
(Brighton, Ma)

How do I account for an employee who is owed reimbursement money but will take the company laptop in trade?

How do their reimbursements get out of the "unpaid bill detail"?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Distribution of Assets in a Partnership

When a partner receives a cash distribution not subtracting from his percentage of ownership of the LLC, how is the transaction entered via the chart of accounts? For the P&L? I have it as an expense but I am hearing that it is not. If the cash distributions are not deducted on the 1065 - then the partner will have doubled his tax liability - pay the distribution on his personal tax as income and then on top of it, tax on his share of partnership profit.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Fixed Assets Property

by Nicki
(Guernsey)

How do you bookkeep the pruchase costs on Poperty?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Selling an Asset

When a business sells a fixed asset (that was donated to business) how is it recorded?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.

Like Bookkeeping-Basics.net?