On November 1, 2021, 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, 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.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $8 million cash to fund a geological survey. The loan was ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
After graduating from university, Ted joined the army. He had been looking forward to serving his country by joining the army, but the routine-based lifestyle and strict training had him doubting his decision.
Answers (1)
Several lines of research have clarified the basic cognitive mechanisms involved in generalized anxiety disorder, as well as in panic disorder. Experts now believe that a factor that plays a crucial role in the onset of this process is A. depression.
Answers (1)
The Consumer Products Division of Mickolick Corporation had average operating assets of $510,000 and net operating income of $42,000 in August. The minimum required rate of return for performance evaluation purposes is 8%.
Answers (1)
List six elements that should be addressed in a company's marketing strategy
Answers (1)
A company's inventory records report the following: August 1 Beginning balance 27 units @ $17 August 5 Purchase 22 units @ $16 August 12 Purchase 26 units @ $17 On August 15, it sold 54 units.
Answers (1)
New Questions in Business
Ronald Reagan believed that reducing income tax rates would A. raise economic well-being and perhaps even tax revenue. B. lower economic well-being, even though tax revenue could possibly increase. C. do little, if anything, to encourage hard work.
Answers (1)
Unlike niche-oriented shopping bots, broad-based shopping bots: select one: a. give pricing power to the retailers. b. search for prices for only one type of product. c. operate using a yellow pages type of model. d.
Answers (1)
What are the pros and cons of Toyota's structure and what are the most important elements of Toyota's organizational structure?
Answers (1)
Which of the following is the best example of a perfectly competitive industry? a. wheat productionb. electricity productionc. steel productiond. airplane production
Answers (1)
Assume that we use a perpetual inventory system and that five identical units are purchased separately at the following four dates and costs: April 5 at $10, April 10 at $12, April 15 at $14, and April 20 at $16 April 20 $17.
Answers (1)