In 2021, the internal auditors of Development Technologies, Inc., discovered that (a) 2020 accrued salaries of...

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In 2021, the internal auditors of Development Technologies, Inc., discovered that (a) 2020 accrued salaries of $2.8 million were not recognized until they were paid in 2021 and (b) a $3.8 million purchase of merchandise in 2021 was recorded as a debit to Purchases in 2020 instead. The physical inventory count at the end of 2020 was correct. Ignoring income taxes, prepare the journal entries to correct each error in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list > Record journal entry to correct error in salaries. 2 Record journal entry to correct error in merchandise purchases. In 2021, the internal auditors of Development Technologies, Inc., discovered that (a) 2020 accrued salaries of $2.8 million were not recognized until they were paid in 2021 and (b) a $3.8 million purchase of merchandise in 2021 was recorded as a debit to Purchases in 2020 instead. The physical inventory count at the end of 2020 was correct. Ignoring income taxes, prepare the journal entries to correct each error in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list > Record journal entry to correct error in salaries. 2 Record journal entry to correct error in merchandise purchases.

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Answer a In the given case the accrued salary of 28 millions in 2020 ... View the full answer