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Costco Inc. inadvertently excluded $2 million of sales and related receivables on October 20, 2019. The receivables were later received in cash on time on
Costco Inc. inadvertently excluded $2 million of sales and related receivables on October 20, 2019. The receivables were later received in cash on time on Jan 5, 2020 and sales were recorded then. If the error was discovered on February 5, 2020, the journal entry to correct for the error will include (ignore taxes) A debit to Retained Earnings for $2 million a. A debit to Receivables for $2 million b. Oc. A debit to Sales Revenue for $2 million d. No entry is needed. A credit to Receivables for $ 2 million e
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