1. A firm purchased a three-year insurance policy for $5,760 on July 1, 20X1. The $5,760 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 $27,840 in advance and debited the amount to Prepaid Advertising. Prepare end-of-month adjusting entries for each of the above situations. Journal entry worksheet < A B Prepare the adjusting entry for insurance. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Journal entry worksheet < A B Prepare the adjusting entry for advertising. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit