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?

 

Answer rating: 100% (QA)

To correct the misrecorded trade note receivable Phillips Inc should follow the proper accounting pr... View the full answer