Question
At the end of 2016, Framber Company received $8,000 as a prepayment for renting a building to a tenant during 2017. The company erroneously recorded
At the end of 2016, Framber Company received $8,000 as a prepayment for renting a building to a tenant during 2017. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2016 instead of 2017.
Upon discovery of this error in 2017, what correcting journal entry will Framber make? Ignore income taxes.
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Accounting Information Systems Controls and Processes
Authors: Leslie Turner, Andrea Weickgenannt, Mary Kay Copeland
3rd edition
1119329566, 1119329565, 1119386179, 1119302110, 9781119302117 , 978-1119329565
