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How would I 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)

How would I 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)

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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How would I 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)

eBook G Print References Mc Graw Hill Midshipmen Company borrows $15,000 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 1 and 2 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.) Required 3 View transaction list View journal entry worksheet No 1 2 Date July 01, 2024 December 31, 2024 Cash Notes Payable Interest Expense Interest Payable General Journal < Required 1 and 2 < Prev Required 3 1 of 9 Debit 15,000 900 Credit Next > ………………………………………….. 15,000 900 X
Transcribed Image Text:eBook G Print References Mc Graw Hill Midshipmen Company borrows $15,000 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 1 and 2 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.) Required 3 View transaction list View journal entry worksheet No 1 2 Date July 01, 2024 December 31, 2024 Cash Notes Payable Interest Expense Interest Payable General Journal < Required 1 and 2 < Prev Required 3 1 of 9 Debit 15,000 900 Credit Next > ………………………………………….. 15,000 900 X
eBook Print References Mc Graw Hill Midshipmen Company borrows $15,000 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 1 and 2 Required 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). Ending Balance Interest payable Interest expense Required 1 and 2 Required 3 Prev 1 of 9 Next >
Transcribed Image Text:eBook Print References Mc Graw Hill Midshipmen Company borrows $15,000 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 1 and 2 Required 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). Ending Balance Interest payable Interest expense Required 1 and 2 Required 3 Prev 1 of 9 Next >
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