On May 3, at was discowered that the following ertors took place in joumalzing and posting transactions: a. Insurance of $18,000 paid for the current year was recorded as a debit to insurance Expense and a creds to Prepaid Insurance. b. A withdrawal of 59,600 by Brian Philips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash. Joumalize the entries on May 3 to correct the errors. Use two entries to correct the emror described in a. IThat is, rocord an entry to reverse the incorrect entry and a second entry fo record the correct entry) Feter to the chart of accounts for the exact wording of the account tieles. CNOW joumals do not use lines for journat explanations. Every ine on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Joumalize the eviries on May 3 to correct the evrors. LSe wo entries to correct the errot described in a. (That is, fecond an entry fo reverse the incorrect entry and a second entry to record the correct entry) Refer to the chart of accounts for the exact wording of the acoount pites. CNOW jounals do not use lines for journal explanations. Every ine an a joumal pas is used for debit or credit entries. CNOW joumats will automatically indent a credt entry when a creat amount is entered