d. In late October, Faraday agreed to become the sponso r for the sports segment of the evening news program on a local television station. The station billed Faraday $4,350 nsorship-November 2019, December 2019, and January 2020-in advance. When these payments were made, Faraday debited prepaid advertising. At December 31, 2 months' advertising has been used and 1 month remains unused. Required: 1. Prepare adjusting entries at December 31 for these four activities. Dec. 31 Insurance Expense Prepaid Insurance (Record use of prepaid insurance) 1,620 Dec. 31 Utilities Expense 1,520 Utilities Payable (Record use of utlities) Rent ExpenseY 1,520 Dec. 31 1,440 Rent Payable Record use of equipment) 1,440 Advertising Expense V Dec. 31 Prepaid Advertising (Record use of prepaid advertising) Feedbacik 2. Conceptual Connection: What would be the effect on expenses if the adjusting entries were not made