On July 1, 2021 Thomas Company borrowed $15,500 from First Bank. Thomas will repay the amount borrowed and interest of 12% (1%/month) on June 30, 2022. Required: 1.82. Record the July 1 entry and the December 31 adjusting entry 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.) No Date General Journal Debit Credit 1 July 01, 2021 Cash 15,500 Notes Payable 15,500 2 December 31, 202 Interest Payable X 5,580 X Interest Expense 5,580 X Required 1 and 2 Required 3 > Required 1 and 2 Required 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). Ending Balance 5,580 X Interest payable $ Interest expense $ 5,580