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 the fiscal year ends December 31. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) a. Paid $6,800 cash in advance on April 1 for a one-year insurance policy. b. Received a $14,220 cash advance for a contract to provide services in the future. The contract required a one-year commitment starting September 1. C. Purchased $2,000 of supplies on account. At year's end, $180 of supplies remained on hand. d. Paid $5,400 cash in advance on March 1 for a one-year lease on office space. Event/ Adjustment The Accounting Equation Total Assets Liabilities Cash + other Assets (6,800) + 6,800 (5,100) = Stockholders' Equity Common Retained Stock * Earnings a. Adj. (5,100) + + + + b. Adj. + + c. Adj. + + + + d. Adj. + +