Midshipmen Company borrows $11,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays 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 and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the borrowing for Midshipmen on July 1, 2021. Journal entry worksheet Record the borrowing for Midshipmen on July 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2021 Record entry Clear entry View general journal Journal entry worksheet