Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 1-year note receivable and $900 of interest collected by the bank. Marsh Land Properties has been notified by the bank at the time of collection, but had made no entries.

Required:
Journalize the entry that should be made by Marsh Land to bring the accounting records up to date.

Respuesta :

Answer:

Dr Cash $15,900

Cr Notes Receivable $15,000

Cr Interest Revenue $900

Explanation:

Preparation of the journal entry that should be made by Marsh Land to bring the accounting records up to date.

Dr Cash $15,900

($15,000+$900)

Cr Notes Receivable $15,000

Cr Interest Revenue $900