Business, 28.05.2021 16:20 notearslefttocry14
In 2016, Cunningham Company determined that it did not accrue $15,000 of interest expense in 2015, which caused a material overstatement of income. Assuming a 35% tax rate, which of the following presents the journal entries that would correct the error?
Retained Earnings (debit) a) 15,000 b) 15000 c) 9750 d) 5250
Interest Payable (credit) a) 15000 b) 15000 c) 9750 d) 5250
Income Tax Receivable (or Payable) (debit) a) 15000 b) 5250 c) 5250 d) 9750
Retained Earnings (credit) a)15000 b) 5250 c) 5250 d) 9750
Which letter selection is correct?
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In 2016, Cunningham Company determined that it did not accrue $15,000 of interest expense in 2015, w...
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