Accompanying a Bank Statement for Marsh Land Properties Is a Credit

question 125

Essay

Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 one-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. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date.

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Definitions:

Separate Office Staff

A designated group of employees who work in a distinct physical or administrative division within an organization.

Decentralization

The distribution of decision-making authority from central to local units or levels in an organization.

Separate Sales Forces

This refers to the practice of having distinct teams within a business that focus on selling different products, services, or targeting different markets.

Income From Operations

The earnings generated from a company's regular business activities, excluding any investment income or expenses unrelated to its core operations.