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. Paid $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 one-year commitment, starting September 1. c. Purchased $1,850 of supplies on account. At year's 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 Equation Total Assets Event/ Adjustment Cash Other Assets Liabilities a. (6,500) + a. Adj. + 6,500 = (4,875)= b. 14,400 + b. Adj. + C. Stockholders' Equity Common Stock Retained Earnings + + + (4,875) (14,400) + + + + + c. Adj. + d. + + + d. Adj. + + +