Tuesday
September 2, 2014

Homework Help: accounting

Posted by PORTLAND STATE on Thursday, February 28, 2013 at 4:44pm.

On each December 31, you plan to transfer $2,000 from your checking account into a savings account.The savings account will earn 9 percent annual interest, which will be added to the savings account balance at each year-end. The first deposit will be made December 31, 2010

Requirement 1:
Give the required journal entry on December 31, 2010.

Requirement 2:
What will be the balance in the savings account at the end of the 10th year (i.e., 10 deposits)?

Requirement 3:
What is the total amount of interest earned on the 10 deposits? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)

Total amount of interest $

Requirement 4:
How much interest revenue did the fund earn in 2011? 2012? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)

Interest revenue
2011 $
2012 $

Requirement 5:
Give all required journal entries at the end of 2011 and 2012. (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Accounting - Mr. jones intends to retire in 20 years at the age of 65. As yet he...
business - An account at a commercial bank designed for people who want to earn ...
pre algebra - At the beginning of the year 2000, Bob put $100 in a savings ...
accounting - Mr. Jones intends to retire in 20 years at the age of 65. As yet ...
math - Samantha opened a savings account and deposited some money into the ...
math - Mr. Jones grosses $500 per week. He has 6% automatically deposited into ...
math - Mr. Jones grosses $800 per week. He has 6% automatically deposited into ...
geometry - A person deposits $500.00 into a savings account and pays 5% annual ...
Finance - You are 45 years of age and your asporation is to retire in 17 years ...
Algebra 2 - Suppose you deposit $1500 in a savings account that pays interest at...

Search
Members