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 had 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. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Marsh Land Properties

General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Supplies
151	Prepaid Insurance
181	Land
191	Equipment
192	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
221	Notes Payable
222	Interest Payable
231	Salaries Payable
241	Sales Tax Payable

	EQUITY
310	Mike Marsh, Capital
311	Mike Marsh, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Insurance Expense
534	Supplies Expense
535	Rent Expense
536	Repairs Expense
561	Depreciation Expense
591	Miscellaneous Administrative Expense
592	Miscellaneous Selling Expense
710	Interest Expense