At the end of 2019, Cortex Company failed to accrue interest revenue of $3,200 that it had

Question:

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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

Question Posted: