On May 3, it was discovered that the following errors took place in journalizing and posting transactions: a. Insurance of $15,200 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 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. Journal 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 reverset entry to record the correct entry) Refer to the Chart of Accoubts for exact wording of account titles. JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSE 1 2 3 Instructions Journal 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 Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY