At the end of 2019, Cortex Company failed to accrue interest revenue of $3,200 that it had
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At the end of 2019, Cortex Company failed to accrue interest revenue of $3,200 that it had earned but not received on an outstanding note receivable. Instead, Cortex increased interest revenue in 2020 when it received the cash. Upon discovery of this error in 2020, what correcting journal entry will Cortex make? Ignore income taxes.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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