Fixed Assets

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@cmklawon81 wrote:

I have a Gym that was purchased for $225,000.  Its a long term notes payable (makes a payment every month).  But with the sale of this gym, it came with fixed assets, all of the gym equipment.  How do I enter this in the fixed asset chart of accounts?  I understand that Furniture & Equipment is an asset.....I'm just so lost on how to add it to there in the journal entry to equal out.  What goes where?  Original Cost of the Equipment is $309,027.45, and the replacement is $157,981.05. Help!!!!!!

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I have no ides what you are saying about cost and replacement

When you purchased the gym, you should have a balance sheet for the business you are buying

on that balance sheet it should list those fixed assets and any accumulated depreciation, find the book value (cost less accumulated depreciation) and that is your cost.

I suggest you get with a tax accountant to insure you get this right from the start

Unfortunately there was no balance sheet.  Thank you for responding.  Okay, I guess im not sure how to set up $157981.50 ( forget the original cost amount) as a journal entry in the furniture and equipment asset line in the COA. Not sure how to balance it out correctly in the journal entry. Line 1 is furniture and equipment as a credit or debit, line 2 would be what in the chart of accounts, and line 3 would be goodwill?   I'm not sure how or what credits or debits should be reflected in the journal entry itself in order for it to reflect correctly in the COA.  Am i making sense?