In 2024, the internal auditors of Development Technologies, Inc., discovered that (a) 2023 accrued salaries of $2
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In 2024, the internal auditors of Development Technologies, Inc., 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, what journal entries are needed in 2024 to correct each error? Also, briefly describe any other measures Development Technologies would take in connection with correcting the errors.
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