Question: Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described as follows: (1) Beginning inventory on January 1. 2017,

Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described as follows: (1) Beginning inventory on January 1. 2017, was understated by $5.00o. (2) A two-year insurance policy purchased on April 30, 2017. in the amount of $19.800 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018. Required: Prepare appropriate journal entries (essume the 2018 books have not been closed). Ignore income taxes. (f no entry Is required fo transactlon/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet 2 A two-year insurance policy purchased on April 30, 2017, in the amount of $19,800 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018. Note: Enter debits before credits Debit View general journal Clear entry Record entry

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