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A firm purchased a three-year insurance policy for $10,440 on July 1, 2019. The $10,440 was...

  1. A firm purchased a three-year insurance policy for $10,440 on July 1, 2019. The $10,440 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 two-year period. The firm paid $30,960 in advance and debited the amount to Prepaid Advertising.
transaction 1 general journel debit credit
transaction 2 general journel debit credit
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