Hi all,
I am very new to accounting practices, and when I have questions I often turn to other professionals, internet forums (like here), or to Universal Construction to sort things out, generally with success. I've tried all these and can't seem to find a straight answer.
We've purchased some items for our (new, small and family operated!) contracting company and I'm not sure of how to log them. I have two invoice/receipts I'll use for example. One has a brad nailer, batteries and charger, coming in at under $700. The other is a generator for a rural new home project and oil for the generator, at roughly $1800. I've gotten mixed answers on whether these items qualify as assets because of the cost, or as operating expenses because of the nature of the items. Can anyone please advise?