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 ona 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 ExplanationDateOct. 31 Depreciation Expense-FixturesAccumulated Depreciation-FixturesTo record depreciation on fixtures.Debit11Credit27

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

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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Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recorded through the disposal date totaled $30,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $11,200; prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of the tractor for $3,400. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >