USA Found Assets

[Red]

I recently went to work for a new company. This company is very behind in their financial reporting. Many reoccurring entries have not even been started for 2014. One such entry is depreciation. While researching, I have discovered several assets not reflected on the books in fixed assets/accumulated depreciation. I would like to establish a value for these assets and setup on the books but I am not certain what the entry would be since no payable is due. Does anyone have any advice as to what the offset account would be?

 

[creativenumbers87]

it would help to see if those assets were bought (cash outflow) or if they were invested (increase in equity).

If the assets were bought then this would have affected the entry regarding cash/bank balance. I would suggest investigating when the assets were bought and the corresponding entry that was used.

I hope this helps.

 

[Red]

Thanks for the reply. I had investigated all those avenues with no luck. However, since the post, I found an error made by my predecessor that appears to be what I am looking for. Thanks again for the reply.

 

[bklynboy]

Likely they were expensed when purchased and never capitalized. Assuming its not hung up on the balance sheet somewhere and assuming amount is immaterial, I would just offset expense and set up the asset.