I'm get some problem in my tutorial question~
can someone help me solve it please?
QUESTION:
Maju Enterprise opened a fixed deposit account with Singa Bank Bhd on 1 March 2007.
The initial deposit was RM60,000 at an interest of 5% per annum.The term of the deposit was 1 year, and the interest received to be credited to the company's current account at the end of every 6 month.
Assume that Maju Entreprise's financial year ended 31 December each year.
Required:
a)Prepare an Interest Received Account for the above transaction.Show the posting to Accured Account.
b)Prepare journal entries for the above adjustment and posting to income statement.