We had an audit and the auditor suggested that the items I had entered as assets ie. computer, sound equiptment etc. need to be moved and expensed out. What is your advise as to the easiest way to take a $1500.00 asset (computer) and move it to the expense side. I had not depreciated anything as of yet. Thanks in advance.
Todd
It seems like a credit to the asset and a debit to the expense would do the trick.
Second opinions may be in order here. I don't know whether this is proper accounting practice or not, but it will adjust the balances the way the auditor suggested.
