Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Insurance of $7,200 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. A withdrawal of $23,000 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. For part a, first reverse the original entry and then make the correct entry. If an amount box does not require an entry, leave it blank. a. II II II II II II b. Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 20Y3 Account Credit Debit Balances No. Balances Cash 11 86,000 Accounts Receivable 12 188,280 Prepaid Insurance 13 40,730 Equipment 14 575,000 Accounts Payable 21 21,720 Salaries Payable 22 14,480 Samuel Parson, Capital 31 493,300 Samuel Parson, Drawing 32 68,800 Fees Earned 41 905,200 Salary Expense 51 376,32 Advertising Expense 52 82,370 Miscellaneous Expense 59 17,200 1,752,430 1,752,430 After identifying the errors, prepare a corrected unadjusted trial balance. For those boxes in which no entry is required, leave the box blank. Mascot Co. Unadjusted Trial Balance July 31, 20Y3 Debit Credit Balances Balances Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Salaries Payable Samuel Parson, Capital Samuel Parson, Drawing Fees Earned Salary Expense Advertising Expense m. Miscellaneous Expense