Question

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.



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  • CreatedJuly 02, 2013
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