Problem 2-37A Effect of adjusting entries on the accounting equation LO 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 shown as an example. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) a. Pald $6,500 cash in advance on April 1 for a one-year insurance policy b. Received a $14,400 cash advance for a contract to provide services in the future. The contract required a onb-year commitment, starting September 1 C Purchased $1,850 of supplies on account. At years end, $150 of supplies remained on hand d. Paid $6,450 cash in advance on March 1 for a one-year lease on office space The Accounting E Total Assets Event Retained Cash Other Liablities (6.500) 4.875) (4,875) d. Ad