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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).

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).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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). Complete this question by entering your answers in the tabs below. Required 1 and 2 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.) Required 3 View transaction list View journal entry worksheet No 1 Date July 01, 2021 Cash Required 1 and 2 General Journal 1642 Complete this question by entering your answers in the tabs below. Required 3 Interest payable Interest expense 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). Required 3 > Debit < Required 1 and 2 Credit 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
Transcribed Image Text: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). Complete this question by entering your answers in the tabs below. Required 1 and 2 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.) Required 3 View transaction list View journal entry worksheet No 1 Date July 01, 2021 Cash Required 1 and 2 General Journal 1642 Complete this question by entering your answers in the tabs below. Required 3 Interest payable Interest expense 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). Required 3 > Debit < Required 1 and 2 Credit 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
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