Exercise $5\mathrm{.}2($Algo$)$ Calculating adjustments. LO $5-2$

A firm purchased a four$-$year insurance policy for $$14,400$ on July $1,20$X$1.$ The $$14,400$ was debited to the Prepaid Insurance account.

On December $1,20$X$1,$ a firm signed a contract with a local radio station for advertising that will extend over a three$-$year period. The firm paid $$46,800$ in advance and debited the amount to Prepaid Advertising.

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