Orosco Supply Co. has the following transactions related to notesreceivable duri

Question

Orosco Supply Co. has the following transactions related to notesreceivable during the last two months of 2011.

Nov. 11:     Loaned $15,000 cash to SallyGivens on a 1-year, 10% note.
Dec. 11:     Sold goods to John Countryman,Inc., receiving a $6,750,90-day, 8% note.
       16:      Receive a $4,000, 6-month, 9%note in exchange for Bob Reber's outstanding accounts
                  receivable.
        31:     Accrued interest revenue on all notesreceivable.

Instructions:

a) Journalize the transactions for Orosco Supply Co.

b) Record the collection of the Givens note at its maturity in2012.

Explanation / Answer

x.X. 11:     Loaned $15,000 cash to Sally Givens on a 1-year, 10% note. =================================================

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