Midshipmen Company borrows $15,000 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 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)

3 Check my work Midshipmen Company borrows $15,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 05 1.82. 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/eve Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit 1 Credit July 01, 2021 Cash Required 3 > 21:39 Midshipmen Company borrows $15,000 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). ht Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interes Payable at the beginning of the year is $0). Ending Balance Interest payable Interest expense