account. 1. A firm purchased a four-year insurance policy for $11,520 on July 1, 20X1. The $11,520 was debited to the Prepaid Insurance 2. On December 1, 20x1, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm pald $44,640 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 A B Prepare the adjusting entry for insurance. Note: Enter debits before credits Transaction General Journal Debit Credit 1. A firm purchased a four-year Insurance policy for $11,520 on July 1, 20X1. The $11,520 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 three-year period. The firm pald $44,640 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