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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. 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. Recelved an $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 The Accounting Equation Total Assets Stockholders Equity Event Adjustment Cash Liabilities Common Retained Other Assets Stock arn ,800 1.200) (4,800) (1.200) a. Ad 3,600+ b Ad C. (2,700)1 + 1200 1 200 (1.025 1 025) 9 6001+ 6001