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Problem 22-3 (P22-3) Error Corrections and Accounting Changes

Problem 22-3 (P22-3) Error Corrections and Accounting Changes
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Solution Guide / Answer Key:

ACCOUNTING

ACC/423 (ACC423)
INTERMEDIATE FINANCIAL ACCOUNTING III
University of Phoenix (UoP)

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007).
Intermediate Accounting, (12th ed.) (13th Ed.)
Hoboken, NJ: John Wiley & Sons.

Week Five (Week 5) Chapter 20 and Chapter 22

Problem 22-3 (P22-3) (Error Corrections and Accounting Changes) Patricia Voga Company is in the process of adjusting and correcting its books at the end of 2008. In reviewing its records, the following information is compiled.
1. Voga has failed to accrue sales commissions payable at the end of each of the last 2 years, as
follows.

AND SO ON

Instructions
Prepare the journal entries necessary at December 31, 2008, to record the above corrections and changes. The books are still open for 2008. The income tax rate is 40%. Voga has not yet recorded its 2008 income tax expense and payable amounts so current-year tax effects may be ignored. Prior-year tax effects must be considered in item 4.

 

FILE: MS WORD

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