Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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, i no entry is required for a transaction/event, select "No journal entry required" in the first I account field. Enter your answers in whole dollars.) 02:11:36 No Credit Answer is complete but not entirely correct. Dato General Journal Debit November 01, 201Cash 30.000.000 Notes payable 1 30,000,000 2 December 31, 20 Interest expense 300,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Beginners

Authors: Warren Piper Ruell

1st Edition

1713479397, 978-1713479390

More Books

Students also viewed these Accounting questions

Question

What steps should you take when you become aware of an incident?

Answered: 1 week ago