Each of the following independent events requires a year-end adjusting entry. Show how each event and it's 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. Not all cells require input). <\/p>
a. Paid $4800 cash in advance on October 1 for a one-year insurance policy.<\/p>
b. Received a $3600 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting April 1. c. Purchased $1200 of supplies on account. At year's end, $175 of supplies remained on hand.<\/p>
d. Paid $9600 cash in advance on August 1 for a one-year lease on office space. <\/p>", "transcribed_text": "", "related_book": { "title": "Accounting Principles", "isbn": "1119491630, 978-1119491637, 978-0470534793", "edition": "10th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/54.jpg", "uri": "\/textbooks\/accounting-principles-10th-edition-54", "see_more_uri": "" }, "free_related_book": { "isbn": "B0B2TY72LP", "uri": "\/textbooks\/chemical-thermodynamics-essential-chemistry-self-teaching-guide-essential-chemistry-3rd-edition-9788885570671", "name": "Chemical Thermodynamics Essential Chemistry Self Teaching Guide Essential Chemistry", "edition": "3rd Edition" }, "question_posted": "2024-06-29 02:42:56", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/circuit-consisting-of-capacitor-and-active-resistance", "description": "A circuit consisting of a capacitor and an active resistance R= 110 connected in series is fed an alternating voltage with amplitude Vm = 110V. 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