Business, 01.11.2019 07:31 Clervoyantyvonne

Midshipmen company borrows $17,500 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 payable and interest expense (assuming the balance of interest payable at the beginning of the year is $0).

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Midshipmen company borrows $17,500 from falcon company on july 1, 2021. midshipmen repays the amount...

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