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Business, 03.01.2020 21:31 littledudefromacross

Midshipmen company borrows $11,500 from falcon company on july 1, 2018. midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on june 30, 2019.

(1) record the borrowing for midshipmen on july 1, 2018.
(2) record the adjusting entry for midshipmen on december 31, 2018.
(3) calculate the 2018 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 $11,500 from falcon company on july 1, 2018. midshipmen repays the amount...
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