An up and coming tennis shoe manufacturer sells its shoes to boutique retail stores. The company's auditor determined that the company had mistakenly recognized revenue on contracts as soon as cash was received from the retail stores rather than waiting until the shoes had been delivered. In the previous year, the mistake resulted in a $35,000 overstatement of revenue. The company's tax rate is 25%. Prepare the journal entry necessary to correct the issue, if any.

Ano and one should shoes to be the commande hoved from the other haben recych Account Title Accumulated Dep 35000 Tax payable 6750 accounts payable 15000 Credi