Answer:
A. Dr Prepaid Insurance 40,000 
Cr Insurance Expense 20,000 
Cr Cash 20,000 
Dr Prepaid Insurance 20,000 
Cr Insurance Expense 20,000 
Dr Prepaid Insurance 20,000 
Cr Cash 20,000 
b. Dr Dividends 17,000 
Cr Wages Expense 17,000
Explanation:
Preparation of the journal entries to correct the errors.
A. Dr Prepaid Insurance 40,000
(20,000+20,000) 
Cr Insurance Expense 20,000 
Cr Cash 20,000 
Dr Prepaid Insurance 20,000 
Cr Insurance Expense 20,000 
Dr Prepaid Insurance 20,000 
Cr Cash 20,000 
b. Dr Dividends 17,000 
Cr Wages Expense 17,000