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Unformatted text preview: Interest Revenue 2,933 (e) Sales Revenue 12,160 Unearned Sales Revenue 12,160 (f) Discount on Notes Payable 150 Interest Expense 150 (2) Net Change in Income: Add: Interest revenue not recorded $2,933 Overstatement of interest expense 150 $3,083 Deduct: Depreciation expense $4,700 Bad debt expense 4,740 Overstatement of sales revenue 12,160 (21,600) Net reduction in reported net income $(18,517)...
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- Spring '11
- Revenue, Generally Accepted Accounting Principles, Kathy Haines