Cherokee Company's auditor discovered some errors. No errors were corrected during $2023.$ The errors are described as follows:

Beginning Inventory on January $1,2023,$ was understated by $$5,000.$

A two$-$year Insurance policy purchased on April $30,2023,$ In the amount of $$21,600$ was debited to Prepald Insurance. No

adjustment was made on December $31,2023,$ or on December $31,2024.$

Requlred:

Prepare approprlate journal entries $($assume the $2024$ books have not been closed$).$ Ignore Income taxes.

Note: If no entry is requlred for a transaction$/$event$,$ select $"$No journal entry requlred" In the first account fleld.

Journal entry worksheet

$(1)2$

A two$-$year insurance policy purchased on April $30,2023,$ in the amount of

$$21,600$ was debited to Prepaid Insurance. No adjustment was made on

December $31,2023,$ or on December $31,2024.$

Note: Enter debits before credits.