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How do journalize the entries to correct the errors

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Reference no: EM132774595

The following errors took place in journalizing and posting transactions:

  1. Insurance of $22,800 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance.
  2. Dividends of $21,000 were recorded as a debit to Wages Expense and a credit to Cash.

Problem 1: Journalize the entries to correct the errors.

Reference no: EM132774595

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