Problem 2-33A (Algo) Effect of adjusting entries on the accounting equation LO 2-1, 2-2, 2-5, 2-6, 2-7 Required 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 & Round your final answers to nearest whole dollar. Enter any decreases to account balances with a minus sign. Not all cells require input.) a. Paid $6,500 cash in advance on October 1 for a one-year insurance policy. b. Received a $5,300 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting April 1. c. Purchased $2,050 of supplies on account. At year's end, $260 of supplies remained on hand. d. Paid $11,640 cash in advance on August 1 for a one-year lease on office space.