The profit and loss sharing agreement for the A, B, and C partnership provides for residual profits and losses to be allocated 2:3:6 to A, B and C, respectively. In 2014, the partnership recorded $11,000 of net income that was properly allocated to the partners' capital accounts. On January 18, 2015, after the books were closed for 2014, Tuttle discovered that the $16,500 payment for the partnership's liability and workers compensation insurance for 2015 was recorded as insurance expense when it was paid on December 28, 2014.

Required:

Prepare the necessary correcting entry(s) for the partnership.