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.