Question: On November 1 , 2 0 2 4 , Quantum Technology, a geothermal energy supplier, borrowed $ 1 3 million cash to fund a geological

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. Quantums 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.

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