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The bookkeeper for? Phillips, Inc. mistakenly recorded a? $300,000 three-year trade note receivable as? long-term note receivable in 2015. Interest revenue was correctly recorded. The

The bookkeeper for? Phillips, Inc. mistakenly recorded a? $300,000 three-year trade note receivable as? long-term note receivable in 2015. Interest revenue was correctly recorded. The error was discovered in 2017 by the? company's auditors. What is the proper way to correct the error?

 



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