ACCT 461 help A Guide to career/Snaptutorial ACCT 461 help A Guide to career/Snaptutorial | Page 2

Question 3
Analyzing The Facts & Prepare Journal Entries to Ledger Accounts
Journal Entries
Question 4
Adjusting Entries
The accounts that need adjusting are Interest on the bank loan, the
depreciation on the Furniture and Fixture and the insurance. We need
to calculate the interest for the month on the Bank loan. We also need
to adjust this month’s depreciation, and finally we need to adjust the
insurance expense for this month. This adjustment’s need to be made,
so we can deduct the interest, depreciation, and insurance for the
month.
Question 5
Closing Entries & Post to Ledger Accounts
The new ledger accounts that are required for our closing entries are
Income Summary and Retained Earnings, we need this entries so we
can close Sales, Cost of Sold and all the expenses accounts.
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ACCT 461 Case 13-6 Butler Lumber
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