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  1. business
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  3. required each of the following independent events

Required Each of the following independent events requires a year-end adjusting entry. Show how each...

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Accounting

image 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 $6,300 cash in advance on April 1 for a one-year insurance policy. b. Received a $15,300 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. c. Purchased $1,750 of supplies on account. At year's end, $130 of supplies remained on hand. d. Paid $6,300 cash in advance on March 1 for a one-year lease on office space

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