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 $7,300 cash in advance on April 1 for a one-year insurance policy. b. Received a $14,850 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. c. Purchased $2,250 of supplies on account. At year's end, $230 of supplies remained on hand. d. Paid $5,700 cash in advance on March 1 for a one-year lease on office space. Answer is not complete. The Accounting Equation Total Assets Stockholders' Equity Event/ Adjustment Cash Other Assets Liabilities Common Stock Retained Earnings (7,300) 7,300