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On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $28 million cash to fund a geological survey. The loan was made by Nevada
On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $28 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. 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 requlrements, If no entry is requlred for a transoction/event, select "No journal entry requlred" In the flrst account fleld. Enter your onswers In whole dollors.) Journal entry worksheet Record the issuance of the note by Quantum Technology. Note: Enter debits before credits
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