Chapter 3 Financial Accounting

Mail-Gabriella.Bibeau@my McOrew Hill Cemous-Ac xMcGrHl Education CanxHomework 3 ch tion.com/flow/connect.html Help Save&ExitSubm O You received partial credit in the previous attempt. View previous Midshipmen Company borrows $18 500 from Falcon Company on July 1,2021 Midshipmen repays the amount borowed end par interest of 12% (1%/month) on June 30. 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0). Complete this question by entering your answers in the tabs below. Required 1 Required 3 and 2 Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0). Ending Bal Interest payable Interest expense Required 1 and 2 Next Prex 9 of 20 o 4