At the end of each year, you plan to deposit $2,100 in a savings account. The account will earn 8% 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 provided.) Required: 1. Assume you follow GAAP. Prepare the required journal entry at the end of Year 1. 2. What will be the balance in the savings account at the end of the 10th year (i.e., after 10 deposits)? 3. What is the interest earned on the 10 deposits? 4. How much interest revenue did the fund earn the second year? In the third year? 5. Assume you follow GAAP. Prepare the all required journal entries at the end of the second and third years. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Reg 5 Prepare the required journal entry at the end of Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the required journal entry on December 31, Year 1. Note: Enter debits before credits Debit Credit Date General Journal December 31 Savings account No journal entry required Record entry Clear entry View general journal At the end of each year, you plan to deposit $2,100 in a savings account. The account will earn 8% 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 provided.) Required: 1. Assume you follow GAAP. Prepare the required journal entry at the end of Year 1. 2. What will be the balance in the savings account at the end of the 10th year (i.e., after 10 deposits)? 3. What is the interest earned on the 10 deposits? 4. How much interest revenue did the fund earn in the second year? In the third year? 5. Assume you follow GAAP. Prepare the all required journal entries at the end of the second and third years. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Reg 5 2. What will be the balance in the savings account at the end of the 10th year (i.e., after 10 deposits)? (Round your answer to nearest whole dollar) 3. What is the interest earned on the 10 deposits? (Round your answer to nearest whole dollar.) 2. Balance in the savings account 3. Interest earned At the end of each year, you plan to deposit $2,100 in a savings account. The account will earn 8% 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 provided.) Required: 1. Assume you follow GAAP. Prepare the required journal entry at the end of Year 1. 2. What will be the balance in the savings account at the end of the 10th year (i.e., after 10 deposits)? 3. What is the interest earned on the 10 deposits? 4. How much interest revenue did the fund earn in the second year? In the third year? 5. Assume you follow GAAP. Prepare the all required journal entries at the end of the second and third years. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 Req5 How much interest revenue did the fund earn in the second year? In the third year? (Do not round intermediate calculations. Round your answers to nearest whole dollar.) Year 2 Year 3 Interest revenue Record the required entry on December 31, Year 2. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal
