Question

In 2013, the internal auditors of Development Technologies, Inc. discovered that a $4 million purchase of merchandise in 2013 was recorded in 2012 instead. The physical inventory count at the end of 2012 was correct.

Required:
Prepare the journal entry needed in 2013 to correct the error. Also, briefly describe any other measures Development Technologies would take in connection with correcting the error. (Ignore income taxes.)



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  • CreatedDecember 23, 2013
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