Required Each of the following Independent events requires an end-of-period adjustment. Show how each event and its related adjustment affect the accounting equation. Assume the fiscal year ends December 31. The first event is recorded as an example. (Enter any decreases to account balances with a minus sign.) 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, starting April 1. c. Purchased $1,200 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) = 3,600+ 3,600+ Stockholders' Equity Common Retained Stock Earnings + + + (1.200) a Adi b. b. Adi + + a o C c. Adi d 1,200 1,025 5,400- d. Adi