In reviewing the books of SRB International Incorporated, an auditor discovered certain errors were made during 2023 and 2024 . No errors had been corrected and none of the accounts had yet been closed for 2024 . a. Beginning inventory, January 1,2023 , was understated by $4,000. b. Merchandise with a cost of $1,000 was sold for $1,500 on December 30,2023 , but was not recorded until 2024 . The merchandise was not included in the 2023 inventory. SRB International uses a periodic inventory system. c. A 2-year insurance policy was purchased on July 31 , 2023, for $3,000. The entire amount was debited to insurance expense and no adjusting entries have been made. d. A 6-month note receivable of $5,000 was held by SRB International beginning November 1, 2023. Payment of the 8% note and interest was received upon maturity. No adjusting entry was made on December 31,2023. Required Prepare journal entries for December 31,2023 , that correct each of the independent errors in parts (a) through (d). Income taxes are to be ignored. Show your supporting calculations.