2. Award: 6.00 points gate Problem 2-33A (Algo) Effect of adjusting entries on the accounting equationLLO2-1, 2-2, 2-5, 2-6, 2-7 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 recorded as an example. (Do not round intermediate calculations & Round your final answers to nearest whole dollar. Enter any decreases to account balances with a minus sign. Not all cells require input.) a. Paid $5.200 cash in advance on October 1 for a one-year insurance policy. b. Received a $4,000 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting April 1. c. Purchased $1,400 of supplies on account. At year's end. $195 of supplies remained on hand. d. Paid $10,080 cash in advance on August 1 for a one-year lease on office space. The Accounting Equation Total Assets Stockholders' Equity Event/ Adjustment Cash + Other Assets = Liabilities Common + Stock Retained Earnings a. a. Adj. b. (5,200) + 5,200= + + (1,300) + (1.300) = b. Adj C. c. Adj. d. d. Adj. References Accounting Equation Learning Objective: 02-01 Problem 2-33A (Algo) Effect of adjusting entries on the accounting equation LO 2-1, 2-2, 2-5, 2-6, 2-7 Show how receivables affect financial statements. Learning Objective: 02-02 Show how payables affect financial statements. Learning Objective: 02-06 Show how accounting for prepaid items affects financial statements. Learning Objective: 02-07 Show how accounting for unearned revenues affects financial statements. prime video L