8 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. Paid $3.700 cash in advance on April 1 for a one-year Insurance policy, Received $14,850 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. Purchased $2,250 of supplies on account. At year's end, $230 of supplies remained on hand. Paid $5.700 cash in advance on March 1 for a one-year lease on office space. The Accounting Equation Total Assets Event Adjustment Liabilities Stockholders' Equity Common Retained Stock Earnings Cash Other Assets 7,300 5,475 a. Adj. -- Ib. Adi. 1+1+1+11+1+1+1 - (c. Adi -- d. Adi