Business, 24.04.2020 17:18 deshaunmosley66

In 2018, the internal auditors of Development Technologies, Inc., discovered that (a) 2017 accrued wages of $1.9 million were not recognized until they were paid in 2018, and (b) a $2.9 million purchase of merchandise in 2018, was recorded as a debit to Purchases in 2017 instead. The physical inventory count at the end of 2017 was correct.

Ignoring income taxes, prepare the journal entries to correct each error in 2018.

-Record journal entry to correct error in wages.

-Record journal entry to correct error in merchandise purchases.

(If no entry is required for a particular event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.5).)

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