#CJam, 31 30 29 bytes
24,[U3]m*"'%02d:%d0',
"fe%~7<
This is pretty straight forward using printf formatting:
24, e# get the array 0..23
[U3] e# put array [0 3] on stack
m* e# do a cartesian product between 0..23 and [0 3] array
e# now we have tuples like [[0 0], [0 3] ... ] etc
"'%02d:%d0',
"fe% e# this is standard printf formatting. What we do here is
e# is that we format each tuple on this string
~7< e# unwrap and remove comma and new line from last line
e# by taking only first 7 characters