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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.
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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 answer to nearest whole dollar.)
- Paid $5,000 cash in advance on October 1 for a one-year insurance policy.
- Received an $3,800 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting April 1.
- Purchased $1,300of supplies on account. At year's end, $185of supplies remained on hand.
- Paid $9,840cash in advance on August 1 for a one-year lease on office space.
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