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General Accounting Discussions: Journalizing equipment

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    • CommentAuthorsnowblack
    • CommentTimeSep 24th 2009
     
    In a list of economic events I was presented - one of them said "Moved Rick's home office equipment and furniture to the warehouse where it will be now used in the business. The original cost of these items was $25,000 but their current value is $15,000."

    Using the cost principle, we are to record $25,000. But when I journalize it, debit for equipment but there's no place to credit it. It was not purchased AFTER the business started. Should I omit this just like I would omit the event that Rick paid $2,500 on property taxes for his home. Or am I to journalize it debit for equipment and credit for cash?

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