E9-22 (similar to Question Hep On January 2,2017, Couture Clothing Consignments

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E9-22 (similar to Question Hep On January 2,2017, Couture Clothing Consignments purchased showroom fixtures for $15,000 cash, expecting the fuxtures to remain in service for five years Couture depreciated fotres on·doubledediring balance bass, with zero residual value. On August 3, 2018, Coutre sold the fares for sa200 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018.(Record debilts first, then credits. Seleat the explanation on the last line of the joumal entry table.) Begin by reoording the depreciation expense as of August 31, 2018 Credit Date To reoord depreciation on fixtures Choose trom any list or enter any number in the input fields and then click Check Answer Check Answer Clear All MW 1.00 2emaning 2 3 4

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Aug 31, 2018 Depreciation expense-Fixtures (15000*60%*40%*8/12) 2400      Accumlated depreciation-fixtures 2400 (To record depreciation) Aug 31, 2018 Cash 8200 Accumlated depreciation-fixtures (6000+2400) 8400      Gain on sale of fixtures 1600      Fixtures 15000 (To record sale of fixtures)

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