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please help. please explain steps. thank you in advance On January 2, 2017 Favorite Clothing Consignments purchased showroom fixtures for $15,000 cash, expecting the fixtures
please help. please explain steps. thank you in advance On January 2, 2017 Favorite Clothing Consignments purchased showroom fixtures for $15,000 cash, expecting the fixtures to remain in service for five years. Favorite has depreciated the flutures on a double-declining balance basis, with zero residual value on October 31, 2018, Favorite sold the factures for 58.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record dobits first, then credits Select the explanation on the last line of the journal entry table Note that 2017 depreciation was recorded and posted in 2017.) Debit Credit Begin by recording the depreciation expense for January 1, 2018 through October 31, 2018 Date Accounts and Explanation Oct 31 Depreciation Expense--Fixtures Accumulated Depreciation--Fixtures To record depreciabon on fixtures
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