In $2024,$ the internal auditors of Development Technologles, Incorporated, discovered that a $$5\mathrm{.}2$ million purchase of merchandise in $2024$ was recorded in $2023$ instead. The physical inventory count at the end of $2023$ was correct. Assume the company uses a perlodic inventory system.

Required:

Prepare the joumal entry needed in $2024$ to correct the error. $($Ignore income taxes.$)$

Note: Enter your answers in millions rounded to $1$ decimal place $($l$.$e$,5,500,000$ should be entered as $5\mathrm{.}5).$ If no entry is required for a transaction$/$event$,$ select $"$No joumal entry required" In the first account field.

Journal entry worksheet

$(\frac{1}{4})$

Record the entry to correct the error:

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,]]$