On each December 31, you plan to deposit $3,500 in a savings account.

| November 9, 2018

On each December 31, you plan to deposit $3,500 in a savings account. The account will earn 10 percent annual interest, which will be added to the fund balance at year-end. The first deposit will be made December 31, 2011 (end of period). (Use Table 4)Required:1.Give the required journal entry on December 31, 2011. (Omit the “$” sign in your response.)DateGeneral JournalDebitCredit Dec. 31, 2011 (Click to select)Interest revenueCashSavings accountAccounts payableAccounts receivableInterest payableInterest receivableNotes payable (Click to select)Interest receivableInterest revenueNotes payableAccounts receivableInterest payableCashAccounts payableSavings account 2.What will be the balance in the savings account at the end of the 5th year (i.e., after 5 deposits)? (Round “FV Factors” to 4 decimal places and final answer to the nearest whole dollar amount.Omit the “$” sign in your response.) Available amount$ 3.What is the interest earned on the 5 deposits? (Round “FV Factors” to 4 decimal places. Round intermediate calculations and final answer to the nearest whole dollar amount. Omit the “$” sign in your response.) Interest$ 4.How much interest revenue did the fund earn in 2012 and 2013? (Round your answers to the nearestwhole dollar amount. Do not round intermediate calculations. Omit the “$” sign in your response.)20122013 Interest revenue$$5.Give all required journal entries at the end of 2012 and 2013. (Round your answers to the nearestwhole dollar amount. Omit the “$” sign in your response.)DateGeneral JournalDebitCredit Dec. 31, 2012 (Click to select)Interest revenueInterest payableAccounts payableSavings accountCashAccounts receivableInterest receivableNotes payable (Click to select)Interest receivableNotes payableAccounts receivableInterest payableSavings accountCashAccounts payableInterest revenue (Click to select)Accounts payableAccounts receivableInterest payableNotes payableInterest revenueCashInterest receivableSavings account Dec. 31, 2013 (Click to select)CashInterest receivableAccounts receivableInterest revenueNotes payableAccounts payableSavings accountInterest payable (Click to select)Interest receivableAccounts receivableAccounts payableInterest revenueSavings accountInterest payableNotes payableCash (Click to select)Interest receivableInterest revenueNotes payableAccounts payableInterest payableCashSavings accountAccounts receivable

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