In 2018, the internal auditors of Development Technologies, Inc., discovered that (a) 2017 accrued wages of $1.9

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In 2018, the internal auditors of Development Technologies, Inc., discovered that

(a) 2017 accrued wages of $1.9 million were not recognized until they were paid in 2018,

(b) a $2.9 million purchase of merchandise in 2018, was recorded as a debit to Purchases in 2017 instead. The physical inventory count at the end of 2017 was correct.

Ignoring income taxes, prepare the journal entries to correct each error in 2018.

-Record journal entry to correct error in wages.

-Record journal entry to correct error in merchandise purchases.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0078025839

9th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Posted Date: Jun 19, 2022 06:35 AM

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In 2018, the internal auditors of Development Technologies, Inc., discovered that (a) 2017 accrued wages of $1.9

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Intermediate Accounting

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