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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. Enter any decreases to account balances with a minus sign.) Paid $7, 300 cash in advance on April 1 for a one-year insurance policy. 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. Received an $14, 850 cash advance for a contract to provide services in the future. The contract required a one-year commitment starting September 1