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 $6, 500 cash in advance on April 1 for a one-year insurance policy. Purchased $1, 850 of supplies on account. At year's end, $150 of supplies remained on hand. Paid $6, 450 cash in advance on March 1 for a one-year lease on office space Received an $14, 400 cash advance for a contract to provide services in the future. The contract required a one-year commitment starting September 1