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

1. Paid $48,000 cash in advance on July 1 for a one-year lease on office space.
2. Purchased $5,000 of supplies on account on April 15. At year-end, $500 of supplies remained on hand.
3. Received a $9,600 cash advance on July 1 for a contract to provide services for one year beginning immediately.
4. 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.)

Date	Account Titles	Debit	Credit
July 1	Prepaid rent	48,000
	Cash		48,000
Dec. 31	Rent Expense (48,000 6/12)	24,000
	Prepaid rent		24,000