Five GL Accounts:
1) Asset Asset Account
2) FA Investment Asset or Fund Balance Account
3) Accumulated Depreciation Asset
4) Depreciation Expense Expenditure
5) Disposal Account Expenditure
6) Gain/Loss Expenditure
Processes:
- Pay for the Asset in Accounts Payable
DR Fixed Asset Investment Account
CR Accounts Payable
- Install Asset
DR Asset Account
CR Fixed Asset Investment Account
- Calculate Depreciation
DR Depreciation Expense
CR Accumulated Depreciation
- Disposal
DR Accumulated Depreciation
CR Asset Account
DR Disposal Account (offset)