Gracio Co. had the following transactions in the last two months of its year ended December 31. Prepare entries for these transactions under the method that records prepaid expenses as assets and records Defe revenues as liabilities. Also prepare adjusting entries at the end of the year for the two month period from November I to December 31 rred (Unearned) aid S11,400 for 12 months of insurance coverage through October 31 of Nov. 1 Nov 5 Received $8,000 cash for future services to be provided to a customer Nov 7 Dec. Dec 31 Dec 31 Of the advertising paid for on November 7 S1.500 is not yet used up. aid $10,000 for future advertisin A portion of the insurance paid for on November 1 has expired. No 31 adjustment was made in November to the insurance account. Services of $2,500 are not yet provided to the customer who paid on November 5