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Midshipmen Company borrows $14,000 from Falcon Company on July 1, 2018. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30,

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Midshipmen Company borrows $14,000 from Falcon Company on July 1, 2018. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2019. Record the necessary entries in the Journal Entry Worksheet below

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