Each of the following independent events requires an end$-$of$-$period adjustment. Show how each event and its related adjustment affect the accounting equation. Assume the fiscal year ends December $31.$ The first event is recorded as an example.

Note: Enter any decreases to account balances with a minus sign.

Paid $$7,500$ cash in advance on April $1$ for a one$-$year insurance policy.

Received a $$16,500$ cash advance for a contract to provide services in the future. The contract required a one$-$year commitment, starting September $1.$

Purchased $$2,350$ of supplies on account. At year$$s end, $$250$ of supplies remained on hand.

Paid $$7,500$ cash in advance on March $1$ for a one$-$year lease on office space.