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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
At the end of 2019, Cortex Company failed to accrue interest revenue of $3,200 that it had earned but not received on an outstanding note receivable. Instead, Cortex increased interest revenue in 2020 when it received the cash. Upon discovery of this error in 2020, what correcting journal entry will Cortex make? Ignore income taxes.
Prepare the correcting journal entry for Company C in 2020.
Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.
Debit and credit rules:
- Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.
- Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.
Prepare the correcting journal entry for Company C in 2020.
| Date | Account Titles and Explanation | Post Ref... | ||
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