wow...only a few mentioned the ''s turn''. so many myths regarding slips...go out and practice them at altitude and see how they work.
BUT NO ONE has mentioned doing a 360 degree turn on final to lose altitude. While one must mention this to tower as it is an unexpected maneuver, it is perfectly fine to correct a gross altitude error.
and to those who always worry about the engine quitting...well that is fine...but if you fly IFR ever, you are simply dependent upon your engine working. I might add that Lindbergh's engine worked just fine using the best technology from 85 years ago.
you might have been high due to wind changes, and Ihope you start evaluating wind using the old standby's of wind detection...cloud movement, your movement over the ground etc. good for the guy posting from stick and rudder.