Orosco supply co has the following transactions related to, Ask an Expert

Accounting

Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2011.
Nov. 1 Loaned $15,000 cash to Sally Givens on a 1-year, 10% note.
Dec. 11 Sold goods to John Countryman, Inc., receiving a $6,750, 90-day, 8% note.
Dec. 16 Received a $4,000, 6-month, 9% note in exchange for Bob Reber's outstanding
accounts receivable.
Dec. 31 Accrued interest revenue on all notes receivable.

Instructions:

(a) Journalize the transactions for Orosco Supply Co.

(b) Record the collection of the Givens note at its maturity in 2012.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9988120

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