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Example of depreciation transactions?


I'm sure that there are plenty of examples somewhere on the SL list, but I couldn't locate any easily with google.

Can someone please give me an example of the transactions required to book buying an item like an office printer, then adding it to the depreciable assets and finally knocking off 40% for the first years depreciation?

- I am using a fairly close to default COA. - I buy my printer with a purchase invoice, booking it into something like an admin expenses account called "Computer Expenses". - I then put in a journal entry to transfer it from here into my capital assets ledger: "Office Furniture & Equipment " - Then I put in another transaction to shift 40% from the capital assets account into "Accum. Amort. -Furn. & Equip. "

This all looks nearly correct on the balance sheet, but I don't appear to have the depreciation turning up on the Income Statement report? What am I missing? Does this sound like the correct way to book the transaction?


Ed W