Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. A withdrawal of $10,000 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. Insurance Payable a. Capital Stock b. Cash Dividends Accounting numeric field Insurance Payable Insurance Receivable Insurance Revenue