(Answered) 1 prepare journal entries to record the following

Accounting

1. Prepare journal entries to record the following hypothetical 2006 events:

a. A customer deposits $50,000 in a WaMu savings account on 1/1/2006
b. WaMu pays 1% (annual) interest on that deposit at 3/31/06
c. WaMu lends the $50,000 to another customer for a 6% home loan on 1/1/06
d. WaMu accrues interest on that loan as of 3/31/06

2. How much net interest income (profit) did WaMu earn in the first quarter of 2006 on this deposit and the corresponding loan?

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