question 6

Midshipmen Company borrows $11,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and pays interest of 12% (1\%imonth) 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 ) Record the borrowing of $11,000 by Midshipmen on July 1,2024. Note: Enter debits before credits. Record the adjusting entry of Midshipmen for interest on December 31,2024. Note: Enter debits before credits