QUESTION 7 Following are errors identified by Dinkins Corporation after closing its books at the...
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QUESTION 7 Following are errors identified by Dinkins Corporation after closing its books at the end of 2017. Dinkins failed to accrue interest of $8,000 on a note receivable. At the beginning of 2018, when the company received the cash, it was recorded as interest revenue. Required: a. What would be the effect of each error on the income statement and the balance sheet for 2017 financial statements for Dinkins Corporation? (3 marks) b. Prepare any journal entry Dinkins Corporation should record in 2018 to correct the errors. (2 marks) T T T Arial 3 (12pt) T E- i's W Path: P ick Save and Submit to save and submit. Click Save All Answers to save all answers. na
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