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On November 1, 2016, Quantum Technology, a geothermal energy supplier, borrowed $19 million cash to fund a geological survey. The loan was made by Nevada
On November 1, 2016, Quantum Technology, a geothermal energy supplier, borrowed $19 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. Quantum issued a nine-month, 12% promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year. Required 1. Prepare the journal entry for the issuance of the note by Quantum Technology. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance of the note by Quantum Technology Note: Enter debits before credits. Date General Journal Debit Credit November 01 2016 Record entry Clear entry View general journal
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