Mexico Timeshare, Inc., has the following transactions related to notes receivable during the last two months of 2008:
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Nov. 1
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Loaned $18,000 cash to Norma Hanson on a one-year, 10 percent note.
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Dec. 11
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Sold goods to John Countryman, Inc., receiving a $6,750, ninety-day, 8 percent note.
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16
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Received a $4,000, six-month, 9 percent note in exchange for Bob Shao's outstanding accounts receivable.
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31
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Accrued interest revenue on all notes receivable.
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Instructions
(a) Journalize the transactions for Mexico Timeshare, Inc.
(b) Record the collection of the Hanson note at its maturity in 2009.