ACCOUNTING practice question

[Lewis Overton]

I keep the books for a small nonprofit community band. We buy music
periodically which I've been recording directly as Net Operating Asset. That
doesn't tell me how much has been spent year-to-date, however, and I would
like to know.

When I closed the books at year end, I didn't move the Music asset account
to Equity. That might have done it, since the asset showing would be year to
date.

On the other hand, that wouldn't put the amount we spent into expenses. I
could fix that by creating an expense account for Music, then doing a
transfer to assets at year end. I don't see any such account (exactly) in
the UCOA account tree.

What's a good way to approach this problem?

Lewy