Midshipmen Company borrows $11,500 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 Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0). Journal entry worksheet12Record the lending for Falcon on July 1, 2021.Note: Enter debits before credits.DateGeneral JournalDebitCreditJuly 01, 2021Record entryClear entryView general journal Journal entry worksheetRecord the adjusting entry for Falcon on December 31, 2021.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31,2021Record entryClear entryView general journal

Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Midshipmen Company borrows $11,500 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 Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0).

Midshipmen Company borrows $11,500 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 Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0).

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 4.6C

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