For each of trhe following situations, determine the necessary adjustments.

1. A firm purchased a three-year insurance policy for $12,600 on July 1, 2016. The $12,600 was debited to the Prepaid Insurance account. What adjustment should be made to record expired insurance on the firm 's July 31,2016, worksheet?

2. Om December 1 ,2016, a firm signed a contract with a local radio station for adverssting that will extend over a two-year period. The firmpaid $32,400 in advance and debited the amount to Prepaid Avertisting . What adjustment should be made to record expired advertisting on the firm's December 31, 2016, worksheet?