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brandonjschwartz
Level 1

Not understanding where to record fixed asset purchases

Company is an LLC taxed as a sole proprietor.

 

Simple example: company purchases a chair on Amazon.

 

I'm assuming the account I classify the transaction is my fixed asset account for furniture, original cost sub-account. Does the entire amount go in here or do I split taxes off somewhere else?

 

More complicated example: I purchased an iPad with cell network on a payment plan through Verizon, which is my personal cell carrier. The end merchant was Best Buy. Best Buy charged me sales tax. Verizon charges me personally for payments toward the device value.

 

How do I classify the Best Buy charge?

 

Does the company repay me for the iPad monthly installments I'm paying? If so, do I just record this as a loan?

 

New to recording assets, trying to get this right for taxes. Thanks!

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