Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 note receivable that had been collected by the bank. The rate of interest on the note is 6%. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date.

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The Answer of Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 note receivable that had been collected by the bank. The rate of interest on the note is 6%. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date.

Accompanying a Bank Statement for Marsh Land Properties Is a Credit