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On September 1, 2021, Verizon Corporation borrowed $15 million to fund expansion of its new 5G network. Bank of America made this short-term, 10-month loan

On September 1, 2021, Verizon Corporation borrowed $15 million to fund expansion of its new 5G network. Bank of America made this short-term, 10-month loan to Verizon at an interest rate of 12%. Interest is payable on the loans maturity date of June 30, 2022.

Please show any calculations that are needed when responding to the following questions.

  1. Provide the journal entry that Verizon would have recorded on Sept. 1, 2021 when the loan was first issued.

  1. Provide the adjusting journal entry for the loan that Verizon would have recorded at the end of its fiscal year on Dec. 31, 2021.

  1. Provide the journal entry that Verizon should record on June 30, 2022 when the loan was matures.

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