HW help

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 $7,000 cash in advance on April 1 for a one-year insurance policy. Received an $16, 440 cash advance for a contract to provide services in the future The contract required a one-year commitment starting September 1. Purchased $2, 100 of supplies on account At year's end. $200 of supplies remained on hand. Paid $5, 850 cash in advance on March 1 for a one-year lease on office space