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On November 1, 2021 , Quantum Technology, a geothermal energy supplier, borrowed $14 million cash to fund a geological survey The loan was made by
On November 1, 2021 , Quantum Technology, a geothermal energy supplier, borrowed $14 million cash to fund a geological survey The loan was made by Nevada Bane Corp under a noncommitted short-term line of credit arrangement Quantum issued a nine-month, 15% 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 31,2021 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 Record the issuance of the note by Quantum Technology. Note: Enter debits before credits
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