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Business, 11.09.2019 00:30 tylorroundy

On november 1, 2018, 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, 2018 and journal entry for the payment of the note at maturity.

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