January 2, 2021, Potter Furniture purchased display shelving for $8,200 cash, expecting the shelving to remain in service for five years Potter depreciated the shelving on a double-declining balance basis, with $1,500 estimated residual value On September 30, 2022, the company sold the shelving for $2.400 cash ead the requirement art by recording depreciation expense on the shelving for 2022 (Record debits first, then credits Exclude explanations from any joumal entries.) Journal Entry Accounts Date Sep 30 Depreciation Expense-Fixtures Accumulated Depreciation-Fixtures Debit || || Credit Requirement 1. Record both the depreciation expense on the shelving for 2022 and its sale in September. Also show how to compute the gain or loss on the disposal of the shelving Print Done

January 2, 2021, Potter Furniture purchased display shelving for $8,200 cash, expecting the shelving to remain in service for five years Potter depreciated the shelving on a double-declining balance basis, with $1,500 estimated residual value On September 30, 2022, the company sold the shelving for $2.400 cash ead the requirement art by recording depreciation expense on the shelving for 2022 (Record debits first, then credits Exclude explanations from any joumal entries.) Journal Entry Accounts Date Sep 30 Depreciation Expense-Fixtures Accumulated Depreciation-Fixtures Debit || || Credit Requirement 1. Record both the depreciation expense on the shelving for 2022 and its sale in September. Also show how to compute the gain or loss on the disposal of the shelving Print Done

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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