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Question 3 - Music Mayhem (7 marks) Fran Festive runs a Music business and the Accounting Reports are prepared each year on 31 December. On 1 August, 2020, she decided to deposit $15,000 with the 'Best Bank' for a period of one year. The conditions of the deposit were that she could not make withdrawals from the account over that period, and that the principal and interest, at the rate of 4%, would be paid to Fran in one year. a. Prepare the journal entry required on 31 December, 2020 A narration is not required. 2 marks b. Record the deposit from Best Bank received on July 31, 2021, at the end of the term. A narration is not required. 4 marks c. How is Accrued Revenue reported in the Balance Sheet. 1 mark