288 – Other

Fixed Assets

 

Synopsis

Account 288

Debits

Credits

  1. The purchase price of any other asset not already classified with its own account, such as DMS systems, computers or software.

  2. The cost of improvements made to other assets.

  1. The cost of other assets sold or abandoned.

 

 

Remarks:

All other assets should be listed in detail on a fixed asset inventory and depreciation record.  The accumulated total in the cost column should agree with the balance in this account each month-end.

 

Repairs and maintenance costs which ordinarily do not add to the value of the other asset should be expensed as they occur.

 

When other assets are sold, the cost should be credited to this account.  Accumulated amortization for the other asset sold should be debited to Amortization of Other Assets (Account 358).  Any gain on the sale should be credited to Additions to Income – Other (Account 805).  Any loss on the sale should be debited to Deductions to Income – Other (Account 855).

Note: