Part 2: Adjusting Entries Advance Corporation has the following transactions that require adjustments for March, 2017. Data for adjusting entries 1- March 1 Received $2,400 in advance for a work to be performed on March 20, the company performed the service on March 20. (13 points) 2- March 1 Purchased one-year insurance policy for $1,200. (13 points) Part 2: Adjusting Entries Advance Corporation has the following transactions that require adjustments for March, 2017. Data for adjusting entries 1- March 1 Received $2,400 in advance for a work to be performed on March 20, the company performed the service on March 20. (13 points) 2- March 1 Purchased one-year insurance policy for $1,200. (13 points) Instructions Prepare the necessary adjusting entries for the month of March for the transaction day and the end of the month