Mikita Inc. experienced the following accounting events during its 2014 accounting period:
1. Paid cash to settle an account payable.
2. Collected a cash advance for services that will be provided during the coming year.
3. Paid a cash dividend to the stockholders.
4. Paid cash for a one-year lease to rent office space.
5. Collected cash from accounts receivable.
6. Recognized cash revenue.
7. Issued common stock.
8. Paid cash to purchase land.
9. Paid cash to purchase supplies.
10. Recognized operating expenses on account.

Required
a. Identify the events that would require a year-end adjusting entry.
b. Are adjusting or closing entries recorded first? Why?