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Exercise 2: On 1/1/2002 Time deposit balance is SR 2,000,000. Allowance for time deposit interest is SR 10,000 On 1/1/2002 Customers deposited SR 500,000 into

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Exercise 2: On 1/1/2002 Time deposit balance is SR 2,000,000. Allowance for time deposit interest is SR 10,000 On 1/1/2002 Customers deposited SR 500,000 into time deposit accounts. On 3/1/2002 The customer withdrew all of their time deposit accounts at this due date. Required: Calculate & journalize the interest if the annual interest rate is 6%

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