1. A firm purchased a four-year insurance policy for $14,400 on July 1, 2019. The $14,400 was debited to the Prepaid Insurance account. 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $46,800 in advance and debited the amount to Prepaid Advertising. Prepare end-of-month adjusting entries for each of the above situations Prepare the adjusting entry for insurance. Note: Enter debits before credits. Transaction General Journal Debit Credit Prepare the adjusting entry for advertising. Note: Enter debits before credits. Transaction General Journal Debit Credit 2