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On November 1 , 2 0 2 4 , Quantum Technology, a geothermal energy supplier, borrowed $ 5 million cash to fund a geological survey.
On November Quantum Technology, a geothermal energy supplier, borrowed $ million cash to fund a geological survey. The
loan was made by Nevada BancCorp under a noncommitted shortterm line of credit arrangement. Quantum issued a ninemonth,
promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year.
Required:
Prepare the journal entry for the issuance of the note by Quantum Technology.
& Prepare the appropriate adjusting entry for the note by Quantum on December and journal entry for the payment of
the note at maturity.
Note: For all requirements, if no entry is required for a transactionevent select No journal entry required" in the first account
field. Enter your answers in whole dollars.
Journal entry worksheet
Record the issuance of the note by Quantum Technology.
Note: Enter debits before credits.
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