Featured Refinementssee allBrandsee allConditionsee allPrice-Buying Formatsee allItem locationsee all2 miles5 miles10 miles15 miles20 miles50 miles75 miles100 miles150 miles200 miles500 miles750 miles1000 miles1500 miles2000 milesDelivery optionssee allShow onlysee allMore refinements...FoxHunter 6 Point Massage Office Computer Chair Luxury Leather Swivel Reclining13 product ratings See more like thisComputer Office Racing Chair Faux Leather PU Chairs Swivel Executive Furniture1 product ratingsSee more like thisFoxHunter Computer Executive Office Desk Chair PU Leather Swivel High Back OC07 See more like thisFoxHunter Computer Executive Office Desk Chair PU Leather Swivel OC02 Black New40 product ratings See more like thisNEW Swivel Executive Office Chair Luxury PU Leather High Back PC Computer Chair16 product ratingsSee more like thisEXECUTIVE BLACK LEATHER OFFICE CHAIR .High Back Executive Swivel Mesh Green Office Chair Computer Desk Furniture Chair FoxHunter Computer Executive Office Desk Chair PU Leather Swivel High Back OC06
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See more like thisSwivel PU Leather Mesh Office Racing Gaming Style Reclining Computer Desk Chair5% off 2+See more like thisFoxHunter Luxury 6 Point Massage Office Computer Chair Reclining MC8074 Cream7 product ratings See more like thisFoxHunter Computer Executive Office Chair PU Leather Swivel High Back OC03 Black27 product ratings See more like thisGot one to sell?Get it in front of 17+ million UK buyers.Share it Email this page Print this page Save this page as a PDF sort by alphabetical sort by most popular G20™ Spree Vion™ Novello Roma™ Loover™ Alero™ Arti™ Aspen™ Enterprise® Goal™ Graham™ Granada® Granada® Deluxe Graphic™ Indulge™ Malaga® Mallorca™ ObusForme® ObusForme® Comfort Scale 1, 2, 3™ Shadow® Supra X™ Synopsis® Triumph™ Truform™ Tye™ Weev™ Yorkdale® Echo™With normal usage, office chairs last many years before they have to be replaced. /Getty Images An office chair is either an expense or a fixed asset. How you classify the office chair in your journal entry depends on whether the chair cost is over or under your company's capitalization limit.
If you record the office chair as a fixed asset, you also must depreciate the chair over its expected useful life. Useful Life The office chair must be useful to your business for more than one year for you to classify it as a fixed asset. Most companies use an office chair for longer than one year, so barring an unforeseen circumstance, your office chair likely meets this standard. Capitalization Limit Whether you will classify your office chair as a fixed asset or expense depends on the second criteria to classify a purchase as an asset: whether the cost of the chair is over or under your company's capitalization limit. Your company's capitalization limit is a bar set by you and your accountant as criteria to determine what constitutes an expense and what constitutes an asset. If you do not know your company's capitalization limit, speak to your accountant before recording this entry. If the cost of the chair is higher than the capitalization limit, record the chair as a fixed asset.
If the cost of the chair is lower than the capitalization limit, record the chair as an expense. Depreciation To depreciate an asset, you expense the reduced value of the item over time. For example, if you determined that your chair lost 25 percent of its value each year, then each year, for four years, when you record depreciation, you would increase the expense account for the office with a debit and decrease the asset account for furniture with a credit. Fixed Asset Record the journal entry for the purchase of the chair as a fixed asset. Increase the asset account you have set up for furniture with a debit for the amount of the purchase. If you paid cash for the chair, decrease the asset account "cash" for the amount of the purchase. If you bought the chair using credit, increase the accounts payable account with a credit to accounts payable for the amount of the purchase. Expense Record the journal entry for the purchase of the office chair as an expense. Increase the expense account you have set up for office furniture with a debit for the amount of the purchase.
If you paid cash for the office chair, decrease the asset account "cash" with a credit for the amount of the purchase. If you used credit to buy the chair, increase the accounts payable account with a credit to accounts payable for the amount of the purchase. /Getty Images Suggest an Article CorrectionThere are 12 products. File Holder – 22273 Brown Wood Finish Bookcase 40 - ... Shelving Unit - 278578 Black Smooth Finish Floating Wal... White Smooth Finish Floating Wal... Blue LED Desk Lamp Black Shoe Cabinet with Two Comp...Become a new customer Apply for Metro Card Find your nearest store With our expertise and modernized approach, we bring you stylish products & fresh ideas to decorate interiors & outdoors. We provide you with products that beautify, change & redefine your living in line with your requirements. Fairline, H-Line, Karizma, MASTER, MORA, OK, Plush Mink, Tarington House, Venus Cushions, Furniture, Mattresses, Sofa Cum Beds, Recliners, Mirrors, Bed Quilts, Bed Linens, Toweling, Table Cloths, Curtains & Screens, Carpets, Blankets, Comforters, Bath Towels, Plastic Chairs, Aluminum Chairs, PVC Chairs, Outdoor Recliners