How do you record long-term assets?

Long-Term Assets, aka Fixed Assets are recorded on the Balance Sheet under PP&E or Property, Plant, & Equipment.

For Example, a truck purchased for use in a business for the amount of $5,000 would be a Fixed Asset and the transaction (if paid in cash) would be..

PP&E

Equipment-Truck (debit) $5,000

Cash (credit) $5,000