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On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $17 millon cash to fund a geological survey. The loan was made by Nevada

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On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $17 millon 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, 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.) View transaction in Journal entry worksheet Record the adjusting entry for the note by Quantum on December 31, 2021. Note: Enter debits before credits General Journal Debit Credit Date December 31 2021 On November 1, 2021. 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 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 requireinents. 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.) View transaction lit Journal entry worksheet 1 2 Record the payment of the note at maturity Note: Enter debits before credits General Journal Debit Credit Date July 31, 2022

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