Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described as follows: (1.) Beginning inventory on January 1, 2017, was understated by $5,000. (2) A two-year insurance policy purchased on April 30, 2017 in the amount of $19,200 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017. or on December 31, 2018, Required: Prepare appropriate journal entries (assume the 2018 books have not been closed). Ignore income taxes. (1 no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction ist Journal entry worksheet 1 2 Beginning inventory on January 1, 2017, was understated by $5,000. Noter Enter debits before credits General Journal Dabit Crt Transaction (1) Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described as follows: (1) Beginning inventory on January 1, 2017, was understated by $5,000. (2) A two-year insurance policy purchased on April 30, 2017 in the amount of $19,200 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018 Required: Prepare appropriate Journal entries (assume the 2018 books have not been closed). Ignore income taxes. (If no entry is required for transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 A two-year Insurance policy purchased on April 30, 2017, in the amount of $19,200 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018 Note linter debits before credits General Journal Dobil Credit Traction (2)