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Cherokee Company's auditor discovered some errors. No errors were carrected during 2017 The errors are described as follows 1 Beinning inventory on January 1, 2017. was understated by $5.000 (2.) A two-year insurance policy purchased on Apri 30, 2017, in the amount of $29,400 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. . Beginning inventory on January 1, 2017, was understated by $5,000 Debit Credit January 01 2. A two-year insurance policy purchased on April 30, 2017, in the amount of $29,400 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018 General Journal Debit Credit Date January 01, 2018