Question: 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,

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 $20,400 was debited to

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 $20,400 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. View transaction list Journal entry worksheet 2 > Beginning inventory on January 1, 2023, was understated by $5,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journalView transaction list Journal entry worksheet A two-year insurance policy purchased on April 30, 2023, in the amount of $20,400 was debited to Prepaid Insurance. No adjustment was made on December 31, 2023, or on December 31, 2024. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal

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