1. A firm purchased a three-year insurance policy for $27,000 on July 1, 20X1. The $27,000 was debited to the Prepaid Insurance account. 2. On December 1,201, a firm signed a contract with a local radio station for advertising that will extend over a two-year period. The firm paid $72.000 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. Journal entry worksheet Prepare the adjusting entry for insurance. Note: Enter debits before credits. 1. A firm purchased a three-year insurance policy for $27,000 on July 1, 20x1. The $27,000 was debited to the Prepaid Insurance account. 2. On December 1, 20X1, a firm signed a contract with a local radio station for advertising that will extend over a two-year period. The firm paid $72,000 in advance and debited the amount to Prepoid Advertising. Prepare end-of-month adjusting entries for each of the above situations. Journal entry worksheet Note: Enter detbits before credits