Question: Cherokee Company's auditor discovered some errors. No errors were corrected during 2 0 2 3 . The errors are described as follows: ( 1 )

Cherokee Company's auditor discovered some errors. No errors were corrected during
Cherokee Company's auditor discovered some errors. No errors were corrected during 2023. The errors are described as follows:
(1) Beginning inventory on January 1,2023, was understated by $5,000.
(2) A two-year insurance policy purchased on April 30,2023, in the amount of $24.000 was debited to Prepaid Insurance. No adjustment was made on December 31,2023, or on December 31,2024.
Required: Prepare appropriate joumal entries (assume the 2024 books have not been closed). Ignore income taxes.
(5pts)
2023. The errors are described as follows: (1) Beginning inventory on January

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