Cherokee Company's auditor discovered some errors. No errors were corrected during $2023.$ The errors are described as follows:

$(1)$ Beginning inventory on January $1,2023,$ was understated by $$5,000.$

$(2)$ A two$-$year insurance policy purchased on April $30,2023,$ in the amount of $$24\mathrm{.}000$ was debited to Prepaid Insurance. No adjustment was made on December $31,2023,$ or on December $31,2024.$

Required: Prepare appropriate joumal entries $($assume the $2024$ books have not been closed$).$ Ignore income taxes.

$(5pts)$