On January 2, 2023, Loved Clothing Consignments purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2024, Loved sold the fixtures for $5,500 cash. Record both depreciation expense for 2024 and sale of the fixtures on October 31, 20 (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2023 depreciation was recorded and posted in 2023) Begin by recording the depreciation expense for January 1, 2024 through October 31, 2024. Date Accounts and Explanation Oct. 31 Depreciation Expense Fixtures Accumulated Depreciation-Fixtures To record depreciation on fixtures. Debit BEZER Credit h
On January 2, 2023, Loved Clothing Consignments purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2024, Loved sold the fixtures for $5,500 cash. Record both depreciation expense for 2024 and sale of the fixtures on October 31, 20 (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2023 depreciation was recorded and posted in 2023) Begin by recording the depreciation expense for January 1, 2024 through October 31, 2024. Date Accounts and Explanation Oct. 31 Depreciation Expense Fixtures Accumulated Depreciation-Fixtures To record depreciation on fixtures. Debit BEZER Credit h
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:On January 2, 2023, Loved Clothing Consignments purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on
a double-declining-balance basis, with zero residual value. On October 31, 2024, Loved sold the fixtures for $5,500 cash. Record both depreciation expense for 2024 and sale of the fixtures on October 31, 2024.
(Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2023 depreciation was recorded and posted in 2023.)
Begin by recording the depreciation expense for January 1, 2024 through October 31, 2024.
Accounts and Explanation
Date
Oct. 31 Depreciation Expense-Fixtures
Accumulated Depreciation-Fixtures
To record depreciation on fixtures.
Debit
11
Credit
27
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