1. A firm purchased a three-year insurance policy for $11,520 on July 1, 2019. The $11,520 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 $31,680 in advance and debited the amount to Prepaid Advertising.

Prepare end-of-month adjusting entries for each of the above situations.