Question: Using the data from BE21-10 for Wilson Incorporated, assume now that the general accountant discovered the error in 2023 when the books had already been

Using the data from BE21-10 for Wilson Incorporated, assume now that the general accountant discovered the error in 2023 when the books had already been closed for 2022. Prepare the correcting entry for this transaction.

Data from BE10

Wilson Incorporated acquired a leather-cutting machine for $200,000 on December 31, 2022. The general accountant incorrectly coded the invoice as Miscellaneous Expense. The general accountant discovered the error in 2022 before the books were closed. The transaction was correctly recorded for tax purposes and all taxes were paid. Prepare the correcting entry for this transaction.

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