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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 the fiscal year ends December 31. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) a. Paid $7,400 cash in advance on April 1 for a one-year insurance policy. b. Received a $14,640 cash advance for a contract to provide services in the future. The contract required a one-year commitment starting September 1. c. Purchased $2,300 of supplies on account. At year's end, $240 of supplies remained on hand. d. Paid $7,350 cash in advance on March 1 for a one-year lease on office space. Event/ Adjustment The Accounting Equation Total Assets Other Liabilities Cash + Assets (7,400) + 7,400 (5,550) 14,640 + = 14,640 + Stockholders' Equity Common Retained Stock Earnings a. a. Adj. + (5,550) b + b. Adj + + C. + + + c. Adj. + d. + +++ + d. Adj. +