On November 1, 2018, Quantum Technology, a geothermal energy supplier, borrowed $30 million cash to fund...
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On November 1, 2018, Quantum Technology, a geothermal energy supplier, borrowed $30 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, 6% 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. 2. & 3. Prepare the appropriate adjusting entry for the note by Quantum on December 31, 2018 and journal entry for the payment of the note at maturity. (For all requirements, 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.) Journal entry worksheet 1 2 3 Record the issuance of the note by Quantum Technology. Note: Enter debits before credits. Date November 01, 2018 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet 1 2 3 Record the adjusting entry for the note by Quantum on December 31, 2018. Note: Enter debits before credits. Date December 31, 2018 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 Record the the payment of the note at maturity. Note: Enter debits before credits. Date July 31, 2019 General Journal Debit Credit View general journal Record entry Clear entry On November 1, 2018, Quantum Technology, a geothermal energy supplier, borrowed $30 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, 6% 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. 2. & 3. Prepare the appropriate adjusting entry for the note by Quantum on December 31, 2018 and journal entry for the payment of the note at maturity. (For all requirements, 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.) Journal entry worksheet 1 2 3 Record the issuance of the note by Quantum Technology. Note: Enter debits before credits. Date November 01, 2018 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet 1 2 3 Record the adjusting entry for the note by Quantum on December 31, 2018. Note: Enter debits before credits. Date December 31, 2018 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 Record the the payment of the note at maturity. Note: Enter debits before credits. Date July 31, 2019 General Journal Debit Credit View general journal Record entry Clear entry
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