Wk. 4 - Apply: Exercise i Saved 1. A firm purchased a four-year insurance policy for $14,400 on July 1, 2019. The $14,400 was debited to the Prepaid Insurance account. 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $46,800 in advance and debited the amount to Prepaid Advertising. Prepare end-of-month adjusting entries for each of the above situations. points View transaction list Journal entry worksheet Prepare the adjusting entry for insurance. Note: Enter debits before credits, Transaction General Journal Debit Credit Record entry Clear entry View general journal Wk. 4 - Apply: Exercise i Saved 1. A firm purchased a four-year insurance policy for $14,400 on July 1, 2019. The $14,400 was debited to the Prepaid Insurance account. 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $46,800 in advance and debited the amount to Prepaid Advertising. 12 Prepare end-of-month adjusting entries for each of the above situations, points View transaction list Journal entry worksheet