Chapter 2-Assignment 2 Show Me How Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Insurance of $7,700 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. A withdrawal of $17,000 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. For part a, first reverse the original entry and then make the correct entry. b