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At the end of each year, you plan to deposit $3,400 in a savings account. The account will earn 6% annual interest, which will be
At the end of each year, you plan to deposit $3,400 in a savings account. The account will earn 6% annual interest, which will be added to the fund balance at year-end. The first deposit will be made at the end of Year 1. (FV of $1, PV of$1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provide d.) Required: 1. Prepare the required journal entry at the end of Year 1. f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the required journal entry on December 31, Year 1. General Journal Debit Credit Date 3,400 December 31 Savings account 3,400 Cash *Enter debits before credits done clear entry record entry
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