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.) a. Paid $6,000 cash in advance on April 1 for a one-year insurance policy. b. Purchased $2,400 of supplies on account. At year's end, $200 of supplies remained on hand. c. Paid $7,200 cash in advance on March 1 for a one-year lease on office space. d. Received an $18,000 cash advance for a contract to provide services in the future. The contract required a one-year commitment starting September 1. The Accounting Equation Total Assets Event/ Adjustment Liabilities Stockholders' Equity Common Retained Stock Earnings Cash Other Assets 6,000 = (4,500) = (6,000) + a. + + + a. Adj. + + + (4,500) b. + + + b. Adj. + + + c. + + + c. Adj. + + + d. + + + d. Adj. + + +