Please correct answer e . nns snows what is correct or incorrect for the work yo

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Please correct answer

e . nns snows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question In 2018, the internal auditors of Development Technologies, Inc., discovered that (e) 2017 accrued wages of $1.4 million were not recognized until they were paid in 2018, and (b) a $2.4 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. lgnoring income taxes, prepare the journal entries to correct each error in 2018. (If no entry is required for a particular 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).) Answer is not complete. No Transaction General Journal Debit Credit Retained earnings .4 Salaries and wages payable 1.4 2 No journal entry required 3 KPrev 7 of 9Next> Si A ^ d) ENG 405AM 8/3/2018

Explanation / Answer

No Trans General Journal Dr Cr 1 a Retained Earnings $1.40 Wages expenses $1.40 (as wages expenses were not accured hence we will credit wage expense in 2018) 2 b Inventory $2.40 Purchases $2.40 (as the error is discovered in the same period hence inventory is debited and purchases which was wrongly debited has been credited) If any doubt please comment

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