At the end of 2017, Majors Furniture Company failed to accrue $61,000 of interest expense that accrued
Question:
Interest expense.........................................................73,200
Discount on bonds payable...............................................................1,200
Cash ....................................................................................... 72,000
Required:
Prepare any journal entry necessary to correct the errors as of February 2, 2018, when the errors were discovered. Also, prepare any adjusting entry at December 31, 2018, related to the situation described. (Ignore income taxes.)
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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