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 $26,400 was deblted to Prepald 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 a transaction/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet 2 Beginning inventory on January 1, 2017, was understated by $5,000 Note: Enter debits before credits Transaction General Journal Debit Credit 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 lnsurance policy purchased on April 30, 207. In the amount of $26,400 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018 Required Prepare approprniate journal entries (assume the 2018 books have not been closed). Ignore Income taxes. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field) View transaction list Journal entry worksheet A two-year insurance policy purchased on April 30, 2017, in the amount of $26,400 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018. Note: Enter debits before credits General Journal Debit Credit ransaction