Quiz_7_and_Solution

Quiz_7_and_Solution - ACG 4133 (QUIZ 7)

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Unformatted text preview: ACG 4133 (QUIZ 7) Name_______________________________________ Accounting Changes & Error Corrections 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 designated years, as follows. However, cash commissions are (will be) paid in the subsequent year. December 31, 2007 $4,000 December 31, 2008 $2,500 2. In reviewing the December 31, 2008, inventory, Voga discovered errors in its inventory-taking procedures that have caused inventories for the last 3 years to be incorrect, as follows. December 31, 2006 Understated $16,000 December 31, 2007 Understated $21,000 December 31, 2008 Overstated $ 6,700 Voga has already made an entry that established the incorrect December 31, 2008, inventory amount. 3. At December 31, 2008, Voga decided to change the depreciation method on its office equipment from double-...
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Quiz_7_and_Solution - ACG 4133 (QUIZ 7)

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