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QUESTION
On November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $8.30 million cash to fund a geological survey.
On November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $8.30 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. Quantum issued a nine-month, 13% promissory note. Interest was payable at maturity. Quantum’s fiscal period is the calendar year.Prepare the journal entry for the issuance of the note by Quantum Technology.(Enter your answers in dollars not in millions. Omit the "$" sign in your response.)
QuestionOn November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $8.30 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted...