Accompanying a bank statement for Santee Company is a credit memo for $31,050 representing the principal ($28,750) and interest ($2,300) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries.

On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. Refer to the Chart of Accounts for exact wording of account titles.