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 $$28,800$ 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.

$1$ 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 $$28,800$ was debited to Prepaid Insurance. No adjustment was made on December $31,2023,$ or on December $31,2024.$

Note : $=$ journal entry has been entered

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