1. A firm purchased a three-year insurance policy for $6,840 on July 1, 2019. The $6,840 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 two-year period. The firm paid $28,560 in advance and debited the amount to Prepaid Advertising. Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet Prepare the adjusting entry for insurance. Note: Enter debits before credits. Debit Credit Transaction General Journal