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Journalize the entries to correct the errors

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Reference no: EM132855030

Question - Entries to Correct ErrorsThe following errors took place in journalizing and posting transactions:

Insurance of $22,800 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance.

Dividends of $21,000 were recorded as a debit to Wages Expense and a credit to Cash.

Required - Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.

Reference no: EM132855030

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