Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2010.
|
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. |
|
16 |
Received a $4,000, 6 month, 9% note in exchange for Bob Reber’s outstanding accounts receivable. |
|
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 2011.