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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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797603

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