Question: Record the necessary correcting or adjusting entries. 1. Actual adverting costs amounted to $800 per month. The company has already paid for advertisements in the

Record the necessary correcting or adjusting entries.

1. Actual adverting costs amounted to $800 per month. The company has already paid for advertisements in the Canadian Trade Magazine for the first six months of 2023 and recorded the full amount as advertising expense.

2. Prepaid insurance contains the premium costs of several policies including Policy A, cost of $960, one year term, taken out on Sept. 1, 2022, and Policy B, cost of $1,980, two year term, taken out on April 1, 2021.

3. An advance of $2,000 to a salesperson on December 31, 2022 was charged to sales salary expense.

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