Question

22) Universal Travel Inc. borrowed $500,000 on November 1, 2021, and signed a 12- hole bearing interest at 6%. Interest is payable is full y on October 31, 2022. Prepare the journal entries for 1. the issuance of the mote and the interest December 31, 2021 that Universal Travel Inc. (Round your final answer to the nearest woke dollar.) | v 1 2021 Debit Credit Dec. 31, 2021 23) Branch Corporation issued $15 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 8% discount rate Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity Debit Credit 24) Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2021, the first month of BMS's fiscal year. Assume none of the employees earnings reached $7,000 during the month.

Answer 1

22) Journal entries

Date	Particulars	Debit	Credit
01-Nov-21	Bank A/c…………..……Dr	500000
	To 6% Note Payable A/c		500000
	(Being Note Payable in 12 months)
31-Dec-21	Interest A/c ………………….Dr	5000
	To Interest Payable A/c		5000
	(Being interest for the period of 2 months on 500000)

Note - Only first question is solved