2024 and (b) a $3 million purchase of merchandise in 2024 was al inventory count at the end of 2023 was correct. rnal entries to correct each error in 2024.
2024 and (b) a $3 million purchase of merchandise in 2024 was al inventory count at the end of 2023 was correct. rnal entries to correct each error in 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In 2024, the internal auditors of Development Technologies, Incorporated, discovered that (a) 2023 accrued salaries of $2 million were
not recognized until they were paid in 2024 and (b) a $3 million purchase of merchandise in 2024 was recorded as a debit to
Purchases in 2023 instead. The physical inventory count at the end of 2023 was correct.
Ignoring income taxes, prepare the journal entries to correct each error in 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers
in millions (i.e., 10,000,000 should be entered as 10).
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