$1$

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 $$7,200$ cash in advance on April $1$ for a one$-$year insurance policy.

b$.$ Received a $$16,200$ cash advance for a contract to provide services in the future. The contract required a one$-$year commitment, starting September $1.$

c$.$ Purchased $$2,200$ of supplies on account. At year's end, $$220$ of supplies remained on hand.

d$.$ Paid $$7,200$ cash in advance on March $1$ for a one$-$year lease on office space.

$\backslash$table$[[$The Accounting Equation$],[\backslash$table$[[$Event$/],[$Adjustment$]],$Total Assets,$=,$Liabilities,$+,$Stockholders' Equity$],[$Cash$,+,\backslash$table$[[$Other$],[$Assets$]],\backslash$table$[[$Common$],[$Stock$]],+,\backslash$table$[[$Retained$],[$Earnings$]]],[$a$.,(7,200),+,7,200,=,,+,,+,],[$a$.$ Adj.,,$+,(5,400),=,,+,,+,(5,400)$