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At the end of 2016, Cortex Company failed to accrue interest income of $3,200 that it had earned but not received on an outstanding note
At the end of 2016, Cortex Company failed to accrue interest income of $3,200 that it had earned but not received on an outstanding note receivable. Instead, Cortex increased interest income in 2017 when it received the cash. Required:
Upon discovery of this error in 2017, what correcting journal entry will Cortex make? Ignore income taxes.
General Journal Entry on December 31, 2017 (2 Accounts):
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