Question

Please answer the debit and credit #’s. Please read instructions carefully

On Januaty 2, 2016, Royal Pe: punchased ftures for $44 600 cash, expecting ho fxtures o semain in service for Six years Royal Pet has deprecianed the foxtures on a strsight-iene basis, with $5,000 edual vaue. On July 31, 2018, Royal Pot sold the fxtues for $23550cash Recond both degreciation expense for 2018 and sale of the fues on Judy 31, 2018 (Assume the medified hat-mont of the joumal entry table.) convention is used. Recond debits fest, then credts Select the explanation on the lase lne Begin by recording the depreciation expense as of Jul 31,2018 Accounts and Explanation 3 Depreciation Expense-Fatur To record depreciation on fatures

Answer 1

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Solution: Date Account title and explaination Debit Credit Jul.31 Depreciation Expense - Fixture [(44600-5000)/6]/12*7 $ 3,850 $3,850 Accumulated Depreciation - Fixture To record the depreciation on fixure)