In 2011 the internal auditors of Development Technologies Inc discovered
In 2011, the internal auditors of Development Technologies, Inc. discovered that a $4 million purchase of merchandise in 2011 was recorded in 2010 instead. The physical inventory count at the end of 2010 was correct.

Required:
Prepare the journal entry needed in 2011 to correct the error. Also, briefly describe any other measures Development Technologies would take in connection with correcting the error.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help