This is a chart that I created for my students to make test corrections on. It's a lot neater than just letting them do it on looseleaf and easier to grade! There is a place for the question number, the answer they selected, what the correct answer should have been, and why that's the correct answer.
I put a lot of emphasis on them explaining WHY that's the correct answer. I don't accept it if they just guess the correct letter. They must include evidence that supports their answer.