$On$ November $1,2024,$ Quantum Technology, a geothermal energy supplier, borrowed $$13$ 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.$On$ November $1,2024,$ Quantum Technology, a geothermal energy supplier, borrowed $$13$ 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:

Prepare the journal entry for the issuance $of$ the note $by$ Quantum Technology.

& $3.$ 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, $ifno$ entry $is$ required for a transactio$\frac{n}{e}$vent, 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.