32 Cherokee Company's auditor discovered some errors No errors were corrected during 2020. The effort to be as follow (1) Beginning inventory on January 1, 2020, was understated by 55.000 (2) A two-year insurance policy purchased on April 30, 2020, in the amount of $24.600 was debited to Prince No adjustment was made on December 31, 2020, or on December 31, 2021 9 bons 2 02:45.00 Required: Prepare appropriate journal entries (assume the 2021 books have not been closed). Ignore income taxes of nownty is required for a transaction/event, select "No journal entry required in the first account field) View transaction ist Journal entry worksheet 2 1 S Beginning inventory on January 1, 2020, was understated by $5,000 Note: Entier debits before credits Debit Credit General Journal Transaction 1 Tem the first account field.) View transaction list Journal entry worksheet