entries for note collected by bank

Instructions Accompanying a bank statement for Santee Company is a credit memo for $21,600 representing the principal ($20,000) and interest ($1,600) 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 Journal Chart of Accounts ON 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue jo! 120 Accounts Receivable 131 Notes Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Sold 146 Office Supplies 515 Credit Card Expense 516 Cash Short and Over 146 Store Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 191 Office Equipment 633 Insurance Expense 192 Accumulated Depreciation Office Equipment 534 Office Supplies Expense 193 Store Equipment 536 Rent Expense 194 Accumulated Depreciation Store Equipment 536 Repairs Expense 537 Selling Expenses LIABILITIES 538 Store Supplies Expense 210 Accounts Payable 561 Depreciation Expense-Office Equipment 221 Notes Payable 562 Depreciation Expense-Store Equipment 222 Interest Payable 590 Miscellaneous Expense 231 Salaries Payable 710 Interest Expense 241 Sales Tax Payable Journal 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 accountitles NOW cumes do not use lines forumas 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 JOURNAL ACCOUNTING EQUATION ) DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 TATTHUNDCVnancic