No erors were coreted during 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 $24,600 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 Beginning inventory on January 1, 2017, was understated by $5,000 Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal