Accompanying a bank statement for Santee Company is a credit memo for $$25,596$ representing the principal $($$$23,700)$ and interest $($$$1,896)$ 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.Required: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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.CHART OF ACCOUNTSSantee CompanyGeneral LedgerASSETS$110$Cash$111$Petty Cash$120$Accounts Receivable$131$Notes Receivable$141$Merchandise Inventory$145$Office Supplies$146$Store Supplies$151$Prepaid Insurance$181$Land$191$Office Equipment$192$Accumulated Depreciation$-$Office Equipment$193$Store Equipment$194$Accumulated Depreciation$-$Store EquipmentLIABILITIES$210$Accounts Payable$221$Notes Payable$222$Interest Payable$231$Salaries Payable$241$Sales Tax PayableEQUITY$310$Owner, Capital$311$Owner, Drawing$312$Income SummaryREVENUE$410$Sales$610$Interest RevenueEXPENSES$510$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$534$Office Supplies Expense$535$Rent Expense$536$Repairs Expense$537$Selling Expenses$538$Store Supplies Expense$561$Depreciation Expense$-$Office Equipment$562$Depreciation Expense$-$Store Equipment$590$Miscellaneous Expense$710$Interest ExpenseOn 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.PAGE $1$JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY$123$