Exercise 9-27 (Static) Inventory error (LO9-7] In 2021, the internal auditors of Development Technologies, Inc., discovered that a $4 million purchase of merchandise in 2021 was recorded in 2020 instead. The physical inventory count at the end of 2020 was correct. Assume the company uses a periodic inventory system. Required: Prepare the journal entry needed in 2021 to correct the error. (Ignore income taxes.) (Enter your answers in millions (i.e., 5,000,000 should be entered as 5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry to correct the error. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal