Instructions The following errors took place in journalizing and posting transactions: a. Insurance of $17,100 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance b. Dividends of $12,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. Use two entries to correct the error described in A. (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry) Refer to the Chart of Accounts for exact wording of account titles Journal Shaded cells have feedback X Chart of Accounts x Journalize the entries on December 31 to correct the errors. Use two entries to correct the error described in A. (That is record an entry to reverse the incorrect entry and a second entry to record the correct entry) Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger How does grading work? PAGE 1 ASSETS JOURNAL Score: 64/76 ACCOUNTING EQUATION REVENUE 41 Service Revenue 11 Cash DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Dec 31 17,100.00 1 EXPENSES Prepaid Insurance Insurance Expense 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Equipment 2 17,100.00 1 3 Dec. 31 12,000.00 4 Wages Expense 12,000.00 LIABILITIES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Wages Expense 58 Supplies Expense 57 Utilities Expense 5 Dec. 31 17,100.00 Cash 17,100.00 1 21 Accounts Payable 22 Salaries Payable 23 Notes Payable 58 Miscellaneous Expense Points: 12.63 / 15 EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Feedback Check My Work First, determine the debit(s) and credit(s) that should have been recorded. Then make one entry to correct the error