When DeSoto Water Works purchased a machine at the end of 2015 at a cost of $65,000, the company debited Buildings and credited Cash $65,000. The error was discovered in 2016. What journal entry will DeSoto use to correct the error? What other step(s) would be taken in connection with the error?
When DeSoto Water Works purchased a machine at the end of 2015 at a cost of $65,000, the company debited Buildings and credited Cash $65,000. The error was discovered in 2016. What journal entry will DeSoto use to correct the error? What other step(s) would be taken in connection with the error?
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