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) eBookGPrintReferencesMcGrawHillMidshipmen Company borrows $15,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and paysinterest 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 InterestPayable at the beginning of the year is $0).Complete this question by entering your answers in the tabs below.Required 1and 2Record the necessary entries in the Journal Entry Worksheet below for Midshipmen Company. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the first account field.)Required 3View transaction list View journal entry worksheetNo12DateJuly 01, 2024December 31,2024CashNotes PayableInterest ExpenseInterest PayableGeneral Journal< Required 1 and 2< PrevRequired 31 of 9Debit15,000900CreditNext >…………………………………………..15,000900X eBookPrintReferencesMcGrawHillMidshipmen Company borrows $15,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and paysinterest 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 InterestPayable at the beginning of the year is $0).Complete this question by entering your answers in the tabs below.Required 1and 2Required 3Calculate the 2024 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of InterestPayable at the beginning of the year is $0).Ending BalanceInterest payableInterest expenseRequired 1 and 2Required 3Prev1 of 9Next >

Interest Payable Account :— Interest Payable is a liability account, shown on a company's balance…

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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)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 92PSA

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