Question - 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 exchanging for Bob Reber's outstanding accounts receivable.
Dec 31 Accrued interest revenue on all notes receivable.
a. Journalize the transactions for Orosco Supply Co.
b. Record the collection of the Givens note at its maturity in 2012 in a journal entry.