Refer to the information in BE313. Determine the financial statement effects for (1) The borrowing on July
Question:
Refer to the information in BE3–13. Determine the financial statement effects for
(1) The borrowing on July 1, 2024, and
(2) The adjusting entry for interest owed on December 31, 2024.
Data from in BE3-13
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.
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