Question: The following errors took place in journalizing and posting transactions: Insurance of $19,100 paid for the current year was recorded as a debit to Insurance

The following errors took place in journalizing and posting transactions:

  1. Insurance of $19,100 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance.
  2. Dividends of $23,000 were recorded as a debit to Wages Expense and a credit to Cash.

Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.

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