I am going nuts!
Here is the problem.

Advertising paid in advance $700

Does this mean I debit Prepaid Advertising and Credit Cash?

Yup. :-) Something you pay "in advance" is a prepaid, a deferred expense. It's an asset because you still have something coming to you that you've paid for, but not yet gotten. (In this case, someone "owes" you advertising work.) It'll stay there until the advertising is provided to you. And if you paid it, it's cash.