Question
On January 2, 2016, Pet Haven purchased fixtures for $62.700 cash, expecting the fixtures to remain in service for nine years. Pet Haven has
On January 2, 2016, Pet Haven purchased fixtures for $62.700 cash, expecting the fixtures to remain in service for nine years. Pet Haven has depreciated the fixtures on a straight-line basis, with $6,000 residual value. On May 31, 2018, Pet Haven sold the fixtures for $46,475 cash. Record both depreciation expense for 2018 and sale of the foxtures on May 31, 2018 (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the depreciation expense as of May 31, 2018. Date May 31 Accounts and Explanation Debit Credit
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