Hi, I'm a bookkeeping beginner, I have some questions concerning bookkeeping for a very small family restaurant.
For start up, if the business purchased large amounts of utensils/plate/bowls/supplies etc around $600/800/300/1000 at different times in the first 2 months. Should those be capitalized or expensed?
For small equipments that have been purchased, such as coffee maker at around $250, should I just expense that? How should I justify when to capitalize or expense equipments/high $ value supplies? by the total amount spent?
I have a receipt for the start up renovation of the store, such as painting, some fixtures, installations totaling $3500, how should I record this entry? If the property is rented, should I capitalize that as "leasehold improvements"? or do I need to determine exactly what the services performed were and record it to appropriate accounts?
For gasoline, if the owner drives the car 30% for business use. Should I only record 30% of the gasoline amount paid from every receipts? (If I'm doing separate entries on Simply Accounting for every receipts)
Other things include the design of the business logo and outside store name sign (light box?) Are these leasehold improvements or what should the appropriate account be?
Sorry if my questions are confusing :S It would be great if anyone have any thoughts about these.
