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Prepare appropriate journal entries in good form

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Reference no: EM132797015

Cherokee Company's auditor discovered some errors. No errors were corrected during 2020.

The errors are described as follows:

(1) Beginning inventory on January 1, 2020, was understated by $5,000.

(2) A two-year insurance policy purchased on April 30, 2020, in the amount of $24,000 was debited to Prepaid Insurance. No adjustment was made on December 31, 2020, or on December 31, 2021.

Problem 1: Prepare appropriate journal entries in good form (assume the 2021 books have not been closed). Ignore income taxes. Show well-labeled calculations for journal entry amounts or a note why no entry is required.

Reference no: EM132797015

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