On

January

2,

2022,

Sweet Pet

purchased fixtures for

$21,200

cash, expecting the fixtures to remain in service for

eight

years.

Sweet Pet

has depreciated the fixtures on a straight-line basis, with

$2,000

residual value. On

July

31,

2024,

Sweet Pet

sold the fixtures for

$9,000

cash. Record both depreciation expense for

2024

and sale of the fixtures on

July

31,

2024.

(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. Check your spelling carefully and do not abbreviate.)

Begin by recording the depreciation expense as of

Jul.

31,

2024.

Date			Accounts and Explanation	Debit	Credit
Jul. 31

Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.)

Market value of assets received
Less: Book value of asset disposed of
Cost
Less: Accumulated Depreciation
Gain or (Loss)

Now, record the sale of the fixtures on

July

31,

2024.

Date			Accounts and Explanation	Debit	Credit
Jul. 31