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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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