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 years end, $250 of supplies remained on hand.Paid $7,500 cash in advance on March 1 for a one-year lease on office space.