When DeSoto Water Works purchased a machine at the end of 2017 at a cost of $65,000,

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When DeSoto Water Works purchased a machine at the end of 2017 at a cost of $65,000, the company debited Buildings and credited Cash $65,000. The error was discovered in 2018. 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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Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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