Exercise $13-1($Algo$)$ Bank loan; accrued interest $[$LO$13-2]$

On November $1,2024,$ Quantum Technology, a geothermal energy supplier, borrowed $$8$ million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short$-$term line of credit arrangement. Quantum issued a nine$-$month, $12\%$ promissory note. Interest was payable at maturity. Quantum$$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 $31,2024$ and journal entry for the payment of the note at maturity.

Note: 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. Exercise $13-1($Algo$)$ Bank loan; accrued interest $[$LO$13-2]$

On November $1,2024,$ Quantum Technology, a geothermal energy supplier, borrowed $\backslash (\backslash$$ $8\backslash )$ 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, $\backslash (12\backslash \%\backslash )$ promissory note. Interest was payable at maturity. Quantum's fiscal perlod is the calendar year.

Required:

$1.$ Prepare the Journal entry for the Issuance of the note by Quantum Technology.

$2.\backslash$& $3.$ Prepare the approprlate adjusting entry for the note by Quantum on December $31,2024$ and Journal entry for the payment of the note at maturity.

Note: For all requirements, if no entry is requlred for a transaction$/$event$,$ select $"$No Journal entry requlred" In the first account fleld. Enter your answers in whole dollars.

Journal entry worksheet

$1$

$2$

$3$

Record the adjusting entry for the note by Quantum on December $31,2024.$

Note: Enter debits before credits. Exercise $13-1($Algo$)$ Bank loan; accrued interest $[$LO$13-2]$

On November $1,2024,$ Quantum Technology, a geothermal energy supplier, borrowed $\backslash (\backslash$$ $8\backslash )$ 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, $12\backslash \%$ promissory note. Interest was payable at maturity. Quantum's fiscal perlod is the calendar year.

Required:

$1.$ Prepare the Journal entry for the Issuance of the note by Quantum Technology.

$2.\backslash$& $3.$ Prepare the approprlate adjustIng entry for the note by Quantum on December $31,2024$ and Journal entry for the payment of the note at maturity.

Note: For all requirements, If no entry Is required for a transaction$/$event$,$ select $"$No Journal entry required" In the first account fleld. Enter your answers in whole dollars.

Journal entry worksheet

Record the payment of the note at maturity.

Note: Enter debits before credits.