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.) Paid $6,800 cash in advance on October 1 for a one-year insurance policy. Received a $5,600 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting April 1. Purchased $2,200 of supplies on account. At years end, $275 of supplies remained on hand. Paid $12,000 cash in advance on August 1 for a one-year lease on office space.