Exercise $9-27($Algo$)$ Inventory error $[$LO$9-7]$ In $2024,$ the internal auditors of Development Technologies, Incorporated, discovered that a $\backslash (\backslash$$ $5\mathrm{.}0\backslash )$ million purchase of merchandise in $2024$ was recorded in $2023$ instead. The physical inventory count at the end of $2023$ was correct. Assume the company uses a periodic inventory system. Required: Prepare the journal entry needed in $2024$ to correct the error. $($Ignore income taxes.$)$ Note: Enter your answers in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$ If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.