Knowledge Check 01 Simpson Company purchased $900 of equipment by paying cash and recorded the expenditure as a purchase of land. The error was discovered a week later. Prepare the two journal entries required to correct the error. (First, reverse the error and then record the appropriate entry.) (If no entry Is requlred for a transactlon/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet Record the journal entry to reverse the error of recording the purchase of $900 of equipment as a purchase of land. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general journal