Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On April 1, 2019, Sara deposited cash amount of $ 30,000 in a time deposit account for an interest rate of 6% annually in a
On April 1, 2019, Sara deposited cash amount of $ 30,000 in a time deposit account for an interest rate of 6% annually in a yearly term with an agreement that interest and capital to be revolved annually. At the end of second year due date1/4/2021 Sara withdraw all her money. The bank's financial year ends on 31/12 of each year. Record the transactions on journal of the bank at the following dates:
- deposit date,
- at the end of the first year 31/12/2019,
- at the end of the first term 1/4/2020
- and at the due date 1/4/2021?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started