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On November 1, 2016, Quantum Technology, a geothermal energy supplier, borrowed $17 million cash to fund a geological survey. The loan was made by Nevada
On November 1, 2016, Quantum Technology, a geothermal energy supplier, borrowed $17 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, 9% promissory note. Interest was payable at maturity. Quantums 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
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