accounting
posted by PORTLAND STATE .
On each December 31, you plan to transfer $2,000 from your checking account into a savings account.The savings account will earn 9 percent annual interest, which will be added to the savings account balance at each yearend. The first deposit will be made December 31, 2010
Requirement 1:
Give the required journal entry on December 31, 2010.
Requirement 2:
What will be the balance in the savings account at the end of the 10th year (i.e., 10 deposits)?
Requirement 3:
What is the total amount of interest earned on the 10 deposits? (Round your answer to the nearest dollar amount. Omit the "$" 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.)
Respond to this Question
Similar Questions

Accounting
Mr. jones intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income, and he wants to set up a perodic savings plan to do this. If he makes equal annual payments into a savings account that pays … 
math
Mr. Jones grosses $800 per week. He has 6% automatically deposited into his savings account. At the end of the year 3% is added to the account. How much will he have in his savings account at the end of the first year after the interest … 
math
Mr. Jones grosses $500 per week. He has 6% automatically deposited into his savings account. At the end of the year 2% is added to the account. How much will he have in his savings account at the end of the first year after the interest … 
geometry
A person deposits $500.00 into a savings account and pays 5% annual interest that is compounded yearly. At the end of the 10 years how much money will be in the savings account ? 
business
An account at a commercial bank designed for people who want to earn a higher savings rate is a(n) __________ account. A. regular savings account B. regular checking C. share draft D. money market account My answer is D. Am I right? 
math
Suppose that you deposit $1735.50 in a savings account that pays 9.25% annual interest with interest credited to the account at the end of each year. Assuming no withdrawals are made, find the balance in the account after 4 years 
pre algebra
At the beginning of the year 2000, Bob put $100 in a savings account. The bank pays Bob 5% interest on his total savings at the end of each year including all interest added to the account. Assume the interest rate continues and Bob … 
Math
(a) Themba wants to deposit a sum of money into a savings account so that he will have R30 000 in 3 years time for an overseas holiday how much money must he deposit into the account if the interest paid on the savings is 8,5% p.a … 
math
Malinda has a savings account set up so that her monthly interest 0.1% of the balance of her savings accounts is given to her as a check at the end of each month. If her savings account has a balance of $1,500 all year. What will … 
Algebra
Suppose that you deposit $1735.50 in a savings account that pays 9.25% annual interest with interest created to the account at the end of each year. Assuming no withdrawals are made, find the balance in the account after 4 years