On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $22 million cash to fund...

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On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $22 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 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.) Journal entry worksheet 1 2 Record the issuance of the note by Quantum Technology. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2021 3. Record the adjusting entry for the note by Quantum on December 31, 2021. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 2. 1 2 3 Record the payment of the note at maturity. wwwww www Note: Enter debits before credits. Date General Journal Debit Credit July 31, 2022 On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $22 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 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.) Journal entry worksheet 1 2 Record the issuance of the note by Quantum Technology. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2021 3. Record the adjusting entry for the note by Quantum on December 31, 2021. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 2. 1 2 3 Record the payment of the note at maturity. wwwww www Note: Enter debits before credits. Date General Journal Debit Credit July 31, 2022

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Answer 1 November 1 2021 Cash 22000000 Note payable 22000000 2 Decembe... View the full answer