Problem $2-33$A $($Algo$)$ Effect of adjusting entries on the accounting equation LO $2-1,2-2,2-5,2-6,2-7$

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.

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed.

a$.$ Paid $$6,500$ cash in advance on October $1$ for a one$-$year insurance policy.

b$.$ Received a $$5,300$ cash advance for a contract to provide services in the future. The contract required a one$-$year commitment, starting April $1.$

c$.$ Purchased $$2,050$ of supplies on account. At year's end, $$260$ of supplies remained on hand.

d$.$ Paid $$11,640$ cash in advance on August $1$ for a one$-$year lease on office space.

$\backslash$table$[[$The Accounting Equation$],[\backslash$table$[[$Event or$],[$Adjustment$]],$Total Assets,$=,$Liabilities,$+,$Stockholders' Equity$],[$Cash$,+,\backslash$table$[[$Other$],[$Assets$]],\backslash$table$[[$Common$],[$Stock$]],+,\backslash$table$[[$Retained$],[$Earnings$]]],[$a$.,(6,500),+,6,500,=,,+,,+,],[$a$.$ Adjustment,,$+,(1,625),=,,+,,+,(1,625)],[$b$.,5,300,+,(5,300),=,,+,,+,],[$b$.$ Adjustment,,$+,,=,(3,975),+,,+,3,975],[$c$.,,+,2,050,=,2,050,+,,+,],[$c$.$ Adjustment,,$+,(1,790),=,,+,,+,(1,790)],[$d$.,(11,640),+,11,640,=,,+,,+,],[$d$.$ Adjustment,,$+,(4,850),=,,+,,+,(4,850)]]$