Accompanying a Bank Statement for Marsh Land Properties Is a Credit

question 145

Essay

Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 1-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:

Giving Approval

The act of formally agreeing to or endorsing a plan, action, or idea.

Empathy

Identification with or sensitivity to another person’s feelings and problems.

Assertiveness

A communication style in which individuals express their thoughts and feelings in a direct, honest, and appropriate way.

Positive Communication

The practice of exchanging messages or information in a manner that is constructive, supportive, and encourages mutual understanding and collaboration.