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. Enter any decreases to account balances with a minus sign. Not all cells require input.) a Paid $4,800 cash in advance on October 1 for a one-year insurance policy. b. Received a $3,600 cash advance for a contract to provide services in the future. The contract required a one-year commitment, c Purchased $1200 of supplies on account. At year's end, $175 of supplies remained on hand. d. Paid $9,600 cash in advance on August 1 for a one-year lease on office space. Event Adjustment The Accounting Equation Total Assets Cash Other Liabilities Assets (4,800) 4.800 (1,200) Stockholders' Equity Common Retained Stock Earnings a a. Adi b. b. Adi (1,200) c. Ad d d. Adi