On May 3, it was discovered that the following errors took place in journalizing and posting transactions: a. Insurance of $18,000 paid for the current year was recorded as a debt to Insurance Expense and a credit to Prepaid Insurance. b. A withdrawal of $9,600 by Brian Philips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash Journalize the entries on May 3 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. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance REVENUE 41 Fees Earned 42 Sales Commission an EXPENSES 15 Land 16 Equipment 51 Advertising Expense 52 Truck Expense 53 Insurance Expense 54 Rent Expense 17 Truck Show Me How Calculator Entries to correct errors Instructions | Chart of Accounts Journal Instructions Chart of Accounts 17 Truck 53 Insurance Expense 54 Rent Expense LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Wages Payable 55 Wages Expense 56 Supplies Expense 57 Utilities Expense 58 Miscellaneous Expense EQUITY 31 Brian Phillips, Capital 32 Brian Phillips, Drawing