Business, 27.11.2019 01:31, Neko1kat

In 2018, the internal auditors of development technologies, inc., discovered that a $5.9 million purchase of merchandise in 2018 was recorded in 2017 instead. the physical inventory count at the end of 2017 was correct. assume the company uses a periodic inventory system. required: prepare the journal entry needed in 2018 to correct the error. (ignore income taxes.) (enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.5). if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)no event general journal debit credit1 1 miscellaneous expense 5.9 1 no journal entry required5. note the journal entries are not retained earnings or inventory, the system says it is wrong.

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In 2018, the internal auditors of development technologies, inc., discovered that a $5.9 million pur...