At the end of each year, you plan to deposit $3,700 in a savings account. The account will earn 7 percent 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 ) Note: 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. ssume you follow GAAP. 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.) Journal entry worksheet Record the required joumal entry on December 31 , Year 1. Notey' Enter debits before tredits. 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 10 th 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. 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 3. What is the interest earned on the 10 deposits? (Round your answer to nearest whole dollar.) nearest whole dollar.) Complete this question by entering your answers in the tabs below. How much interest revenue did the fund earn in the second year? In the thir Round your answers to nearest whole dollar.) Journal entry worksheet 2 Record the required entry on December 31 , Year 2. Note: Enter debits before credits. Record the required entry on December 31 , Year 3. Note: Enter debits before credits. At the end of each year, you plan to deposit $3,700 in a savings account. The account will earn 7 percent 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 ) Note: 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. ssume you follow GAAP. 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.) Journal entry worksheet Record the required joumal entry on December 31 , Year 1. Notey' Enter debits before tredits. 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 10 th 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. 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 3. What is the interest earned on the 10 deposits? (Round your answer to nearest whole dollar.) nearest whole dollar.) Complete this question by entering your answers in the tabs below. How much interest revenue did the fund earn in the second year? In the thir Round your answers to nearest whole dollar.) Journal entry worksheet 2 Record the required entry on December 31 , Year 2. Note: Enter debits before credits. Record the required entry on December 31 , Year 3. Note: Enter debits before credits
