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QUESTION
In 2008, prior to closing their books, Free Company determines that they failed to accrue interest expense of $17,000, at the end of 2007.
In 2008, prior to closing their books, Free Company determines that they failed to accrue interest expense of $17,000, at the end of 2007. The interest was paid during 2008 prior to discovering the error. Make the necessary journal entry to correct this error when found.
