Answer Happy

On January 2, 2023, Comfy Clothing Consignments purchased showroom fixtures for $17,000 cash, expecting the fixtures to remain in service for five years Comfy has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2024, Comfy sold the fixtures for $7,600 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) SITTE Begin by recording the depreciation expense for January 1, 2024 through October 31, 2024 Date Accounts and Explanation Oct 31 Debit Credit Ma
On January 2, 2023, Comfy Clothing Consignments purchased showroom fixtures for $17,000 cash, expecting the fixtures to remain in service for five years. Comfy has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2024, Comfy sold the fixtures for $7,600 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.) CETTE To record depreciation on fixtures. Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. Market value of assets received Less Book value of asset disposed of Cost Less Accumulated Depreciation. Gain or (Loss)