Midshipmen Company borrows $17,500 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.&2. 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 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 Required 1 and 2 3 Record the necessary entries in the Journal Entry Worksheet below for Midshipmen Company. (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 12 Record the borrowing of $17,500 by Midshipmen on July 1, 2024. Note: Enter debits before credits. Date July 01, 2024 General Journal Debit Credit Record entry View general journal Clear entry