Question 1\tExplanation of Journal Entries\t\u00a0\tQuestion 2\tLedger Accounts\t\u00a0\tQuestion 3\tAnalyzing The Facts & Prepare Journal Entries to Ledger Accounts\t\u00a0\tJournal Entries\t\u00a0\tQuestion 4\tAdjusting Entries\t\u00a0\tThe 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.\tQuestion 5\tClosing Entries & Post to Ledger Accounts\tThe 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Question 1 Explanation of Journal Entries \u00a0 Question 2 Ledger Accounts \u00a0 Question 3 Analyzing The Facts & Prepare Journal Entries to Ledger Accounts \u00a0 Journal Entries \u00a0 Question 4 Adjusting Entries \u00a0 The accounts that need adjusting are Interest Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-201045","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=201045"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201045\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=201045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=201045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=201045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}