Paid $4,900 cash in advance on October 1 for a one-year insurance policy. Received a $3,700 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting April 1. Purchased $1,250 of supplies on account. At years end, $180 of supplies remained on hand. Paid $9,720 cash in advance on August 1 for a one-year lease on office space.