Posted by Sam on .
Hi, my question involves listing assets and liabilities for week ending 14th of January for a plumbing company. The plumber has bought some tools on the 8th but is not paying for them until the 23rd. Would I need to list the tools as a fixed asset (as they benifit the company)or a liability (as the list is week ending on the 8th so they would be an asset or a liability as money will be going out after this date, on the 23rd, to pay for them?),
any help would be very much appreciated.