In January, a company pays for advertising space in the local paper for ads to be run during the months of January, February, and March at $1,580 a month. The journal entry to record the payment would debit: Multiple Choice Advertising Expense for $1,580, debit Prepaid Advertising for $3,160, and credit Cash for $4,740. Accounts Payable and credit Cash for $4,740. Cash for $4,740, credit Advertising Expense for $1,580, and credit Prepaid Advertising for $3,160