The following errors took place in journalizing and posting transactions. Make the necessary corrections by following each step below. Correcting Entry 1 Correcting Entry 2 1. Insurance of $18,000 paid for the current year was recorded as a debit to 2. A withdrawal of $10,000 by Brian Phillips, owner of the business, was Insurance Expense and a credit to Prepaid Insurance. recorded as a debit to Wages Expense and a credit to Cash. Step ONE, determine the entry that was originally recorded in error: 1. Step ONE, determine the entry that was originally recorded in error: Second, NOTE the correct journal entry that should have been made: 2. Second, NOTE the correct journal entry that should have been made: Third, compare the two entries: what is your anlaysis? 3. Third, compare the two entries: what is your anlaysis? Fourth, journlaize the entry needed to correct the mistake. 4. Fourth, journlaize the entry needed to correct the mistake.

The following errors took place in journalizing and posting transactions. Make the necessary corrections by following each step below. Correcting Entry 1 Correcting Entry 2 1. Insurance of $18,000 paid for the current year was recorded as a debit to 2. A withdrawal of $10,000 by Brian Phillips, owner of the business, was Insurance Expense and a credit to Prepaid Insurance. recorded as a debit to Wages Expense and a credit to Cash. Step ONE, determine the entry that was originally recorded in error: `1. Step ONE, determine the entry that was originally recorded in error: Second, NOTE the correct journal entry that should have been made: 2. Second, NOTE the correct journal entry that should have been made: Third, compare the two entries: what is your anlaysis? 3 Third, compare the two entries: what is your anlaysis? Fourth, journlaize the entry needed to correct the mistake. 4. Fourth, journlaize the entry needed to correct the mistake