Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date.

a. Paid $8,400 cash in advance on October 1 for a one-year lease on office space.
b. Paid $4,800 cash in advance on May 1 for a one-year insurance policy.
c. Purchased $1,600 of supplies on account on June 15. At year end, $200 of supplies remained on hand.
d. Received a $4,800 cash advance on September 1 for a contract to provide services for one year beginning immediately.

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Account Titles Prepaid Rent Cash Debit 8,400 Credit Date Oct. 1 8,400 Rent Expense (8,400 Prepaid Rent 2,100 Dec. 31 x 3/12) 2,100