How to categorize trailer as an asset/ as we use it/ as we fix it?

@nagnelina 

Yes, as you mentioned, the initial purchase should be recorded as a fixed asset.  Any repairs or maintenance to the trailer are expenses, so use an expense account that makes the most sense to you.  Improvements (not general maintenance) to the trailer should be recorded as an increase in the fixed asset cost. 

As far as income goes, again, use an income account that makes the most sense to you.  If you want to track the net profit generated by the trailer, both the income and expense accounts should be separately identifiable.