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  3. on november 1, 2016, quantum technology, a geother

On November 1, 2016, Quantum Technology, a geothermal energy supplier, borrowed $29 million cash to...

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Accounting

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On November 1, 2016, Quantum Technology, a geothermal energy supplier, borrowed $29 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 ninemonth, 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. (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.)

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