Journal entry worksheet Record the borrowing of $15,000 by Midshipmen on July 1, 2024 . Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Calculate the 2024 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0 ). Midshipmen Company borrows $15,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and pays interest of 12% (1\%/month) on June 30, 2025 . Required: 1.82. Record the necessary entries in the Journal Entry Worksheet below for Midshipmen Company. 3. Calculate the 2024 year-end adjusted balances of interest Payable and interest Experise (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. Journal entry worksheet Record the adjusting entry of Midshipmen for interest on December 31, 2024. Note: Enter debits before credits