Question
the fixtures on a double-declining-balance basis, with zero residual value. On August 31, 2024, Couture sold the fixtures for $7,000 cash. Record both depreciation expense
the fixtures on a double-declining-balance basis, with zero residual value. On
August 31,
2024,
Couture
sold the fixtures for
$7,000
cash. Record both depreciation expense for
2024
and sale of the fixtures on
August 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
August 31,
2024.
| Date | Accounts and Explanation | Debit | Credit | ||||
| Aug. 31 | Depreciation ExpenseFixtures | 2,400 |
| ||||
|
| Accumulated DepreciationFixtures |
| 2,400 | ||||
|
|
|
|
| 8400 |
| ||
|
|
|
| Cash | 7000 |
| ||
|
|
|
|
|
|
| ||
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Financial Accounting
Authors: Robert Kemp, Jeffrey Waybright
2nd edition
978-0133052152
