1. A firm purchased a four-year Insurance policy for $12,960 on July 1, 20X1. The $12,960...

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1. A firm purchased a four-year Insurance policy for $12,960 on July 1, 20X1. The $12,960 was debited to the Prepaid Insurance account. 2. On December 1, 20X1, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $45,720 in advance and debited the amount to Prepaid Advertising. Prepare end-of-month adjusting entries for each of the above situations. View transaction llest Journal entry worksheet < A B Prepare the adjusting entry for insurance. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general Journal 1. A firm purchased a four-year Insurance policy for $12,960 on July 1, 20X1. The $12,960 was debited to the Prepaid Insurance account. 2. On December 1, 20X1, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $45,720 in advance and debited the amount to Prepaid Advertising. Prepare end-of-month adjusting entries for each of the above situations. View transaction llest Journal entry worksheet < A B Prepare the adjusting entry for insurance. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general Journal

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Prepare the adjusting entry for insurance The monthly insurance expense can be ca... View the full answer