On November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to fund a
Question:
Required:
1. Prepare the journal entry for the issuance of the note by Quantum Technology.
2. Prepare the appropriate adjusting entry for the note by Quantum on December 31, 2011.
3. Prepare the journal entry for the payment of the note at maturity.
Line of Credit
A line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is...
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Requirement 1 Cash 16000000 Notes payable 16000000 Requiremen...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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