Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date. The first event is shown as an example. (Do not round Intermediate calculations. Enter any decreases to account balances with a minus sign.) a. Paid $6,800 cash in advance on April 1 for a one-year insurance policy. b. Recelved a $14,220 cash advance for a contract to provide services in the future. The contract required a oneyear commitment, starting September 1. c. Purchased $2,000 of supplies on account. At year's end, $180 of supplies remained on hand. d. Paid $5,400 cash in advance on March 1 for a one-year lease on office space
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