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3 years ago

There are several steps to opening a savings account. Select all of these steps.

1 answer:

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Opening a savings account is similar to opening a checking account. After you've compared your options for a savings account and selected the best account for you, follow these steps:

Gather the required information: date of birth, Social Security number, home address, and telephone number.

Choose a director for the account. If you are under the age of 18, you'll need a director on the account, usually a parent.

Go to the bank to sign the necessary bank forms. The director of the account must sign the forms, as well.

Fill out a deposit slip and deposit at least the minimum amount of money.

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1. Prepare journal entries to record the following hypothetical 2006 events:a. A customer deposits $50,000 in WaMu savings accou

BARSIC [14]

Answer:

1. A. Dr Cash 50,000

Cr Customers Saving Account 50,000

B.Dr Interest Expense 125

Cr Cash 125

C. Dr Loan Receivables 50,000

Cr Cash 50,000

D. Dr Interest Receivables 750

Cr Interest Income 750

2. $625

Explanation:

Answer and Explanation:

1. Preparation of journal entries

a. In a situation where A customer made deposits of the amount of $50,000 in WaMu savings account on 1/1/2006 the Journal entry will be:

Dr Cash 50,000

Cr Customers Saving Account 50,000

(Being to record the deposit from customers)

b. In a situation where WaMu pays a 1% as annual interest on the deposit on 3/31/06 the journal entry will be:

Dr Interest Expense 125

(50,000*1%*3/12)

Cr Cash 125

(Being to record the payment of interest Expense)

c. In a situation where WaMu lends out the

amount of $50,000 to another customer the Journal entry will be:

Dr Loan Receivables 50,000

Cr Cash 50,000

(Being to record the receivable lent to customers)

d. In a situation where WaMu accrues interest on this date 3/31/06 the journal entry will be:

Dr Interest Receivables 750

(50,000*6%*3/12)

Cr Interest Income 750

(Being to record the interest accrued)

2. Calculation for How much net interest income (profit) did WaMu earn in the first quarter

First step is to calculate the Net Interest Rate

Interest Rate on Receivables 6%

Less Interest Rate on Payable 1%

Net Interest Rate 5%

Second Step will be to calculate the Annual Net Interest

Using this formula

Annual Net Interest=Principal *Net Interest Rate

Let plug in the formula

Annual Net Interest=50,000*5%

Annual Net Interest= 2,500

Last step is to calculate the first quarter net interest income

Using this formula

First quarter net interest income=Time*Annual Net Interest

Let plug in the formula

First quarter net interest income= 3/12*2,500

First quarter net interest income= $625

Therefore the First quarter net interest income will be $625

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3 years ago

You are trying to choose between purchasing one of two machines for a factory. Machine A costs $15,500 to purchase and has a thr

maxonik [38]

Answer:

EAC of Machine A is $6,788.64

EAC of Machine B is $6,094.62

We should purchase Machine B because of its ]lower EAC

Explanation:

Equivalent Annual Cost (EAC) = (Asset price x discount rate)/(1-(1+discount rate)^(-n))), in which n is the number of year for usage of asset.

EAC of Machine A is $6,788.64 = ($15,500x15%)/(1-(1+15%)^(-3))

EAC of Machine B is $6,094.62 = ($17,400x15%)/(1-(1+15%)^(-4))

3 0

3 years ago

Policymakers sometimes propose laws requiring firms to give workers certain fringe benefits, such as health insurance or paid pa

zimovet [89]

I would say that the effects of such positive benefits as health insurance or paid parental leave will make the workplace much more attractive and cause a big rush to obtain employment at such places. It is well to remember that without the sacrifice of labour unions including jailings, beatings and even deaths these benefits would not be there ie they would not come just out of the goodness of someone's heart.

5 0

4 years ago

Oriole Company has issued three different bonds during 2022. Interest is payable annually on each of these bonds. 1. On January

Solnce55 [7]

Answer:

Transaction 1

Debit : Cash ($1,000 x 1,000) $1,000,000

Credit : Bond Payable $1,000,000

Transaction 2

Debit : Cash ($854,000 x 101.30%) $865,102

Credit : Bond Payable $865,102

Transaction 3

Debit : Cash ($281,000 x 99%) $278,190

Credit : Bond Payable $278,190

Explanation:

On each issuance date recognize a cash inflow and a liability - Bond Payable to the extent of the amount paid on issue.

5 0

3 years ago

Help wanted.............................

topjm [15]

What do you need help with?

4 0

3 years ago