On January 1. Alan King decided to deposit $60,600 in a savings account that will provide...

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On January 1. Alan King decided to deposit $60,600 in a savings account that will provide funds four years later to send his son to college. The savings account will earn 9% annually. Any Interest eamed will be added to the fund at year-end (rather than withdrawn). (EV of $1, PV of $1. EVA of $1, and PVA of $1) (Use the approprlate factor(s) from the tebles provided.) Required: 1. How much wili be avalable in four years? (Round your answer to nearest whole dollar.) Avalable amount 2. Prepare the journal entry that Alan should make on January 1. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld.) View transaction list Journal entry worksheet 1 Record the deposit to the savings account on January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal 3. What is the total Interest for the four years? (Round your answer to nearest whole dollar.) еВook Total interest Hint Print References 4. Prepare the Journal entry that Alan should make on December 31 of the first year and December 31 of the second year. (If no entry Is requlred for a transaction/event, select "No Journal entry requlred" In the first account fleld. Round your answer to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 > Record the appropriate entry on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal On January 1. Alan King decided to deposit $60,600 in a savings account that will provide funds four years later to send his son to college. The savings account will earn 9% annually. Any Interest eamed will be added to the fund at year-end (rather than withdrawn). (EV of $1, PV of $1. EVA of $1, and PVA of $1) (Use the approprlate factor(s) from the tebles provided.) Required: 1. How much wili be avalable in four years? (Round your answer to nearest whole dollar.) Avalable amount 2. Prepare the journal entry that Alan should make on January 1. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld.) View transaction list Journal entry worksheet 1 Record the deposit to the savings account on January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal 3. What is the total Interest for the four years? (Round your answer to nearest whole dollar.) еВook Total interest Hint Print References 4. Prepare the Journal entry that Alan should make on December 31 of the first year and December 31 of the second year. (If no entry Is requlred for a transaction/event, select "No Journal entry requlred" In the first account fleld. Round your answer to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 > Record the appropriate entry on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal On January 1. Alan King decided to deposit $60,600 in a savings account that will provide funds four years later to send his son to college. The savings account will earn 9% annually. Any Interest eamed will be added to the fund at year-end (rather than withdrawn). (EV of $1, PV of $1. EVA of $1, and PVA of $1) (Use the approprlate factor(s) from the tebles provided.) Required: 1. How much wili be avalable in four years? (Round your answer to nearest whole dollar.) Avalable amount 2. Prepare the journal entry that Alan should make on January 1. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld.) View transaction list Journal entry worksheet 1 Record the deposit to the savings account on January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal 3. What is the total Interest for the four years? (Round your answer to nearest whole dollar.) еВook Total interest Hint Print References 4. Prepare the Journal entry that Alan should make on December 31 of the first year and December 31 of the second year. (If no entry Is requlred for a transaction/event, select "No Journal entry requlred" In the first account fleld. Round your answer to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 > Record the appropriate entry on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal On January 1. Alan King decided to deposit $60,600 in a savings account that will provide funds four years later to send his son to college. The savings account will earn 9% annually. Any Interest eamed will be added to the fund at year-end (rather than withdrawn). (EV of $1, PV of $1. EVA of $1, and PVA of $1) (Use the approprlate factor(s) from the tebles provided.) Required: 1. How much wili be avalable in four years? (Round your answer to nearest whole dollar.) Avalable amount 2. Prepare the journal entry that Alan should make on January 1. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld.) View transaction list Journal entry worksheet 1 Record the deposit to the savings account on January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal 3. What is the total Interest for the four years? (Round your answer to nearest whole dollar.) еВook Total interest Hint Print References 4. Prepare the Journal entry that Alan should make on December 31 of the first year and December 31 of the second year. (If no entry Is requlred for a transaction/event, select "No Journal entry requlred" In the first account fleld. Round your answer to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 > Record the appropriate entry on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal

Answer rating: 100% (QA)

Req 1 Available amount in four years Pri... View the full answer