Each of the following independent events requires a year$-$end adjusting entry.

Paid $$48,000$ cash in advance on July $1$ for a one$-$year lease on office space.

Purchased $$5,000$ of supplies on account on April $15.$ At year$-$end, $$500$ of supplies remained on hand.

Received a $$9,600$ cash advance on July $1$ for a contract to provide services for one year beginning immediately.

Paid $$5,400$ cash in advance on February $1$ for a one$-$year insurance policy.

Required

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. $($Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$