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 $$30,000$ was debited to Prepaid Insurance. No adjustment was made on December $31,2023,$ or on December $31,2024.$

Required:

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

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

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$