The following errors took place in journalizing and posting transactions: a. Insurance of $12,000 paid for the
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The following errors took place in journalizing and posting transactions:
a. Insurance of $12,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance.
b. Dividends of $8,000 were recorded as a debit to Wages Expense and a credit to Cash.
Journalize the entries to correct the errors. Omit explanations.
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