Required Each of the following independent events requires a year-end adjusting entry. Show how each event...

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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 s round intermediate calculations. Enter any decreases to account balances with a minus sign.) a. Paid $7,000 cash in advance on April 1 for a one-year insurance policy. b. Received a $16,440 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. c. Purchased $2,100 of supplies on account. At year's end, $200 of supplies remained on hand. d. Paid $5,850 cash in advance on March 1 for a one-year lease on office space. The Accounting Equation Total Assets Event/ Adjustment Stockholders' Equity Cash Other Assets Liabilities + Common Stock Retained + Earnings a. (7,000) + 7,000 = + + a. Adj. + (5,250) = + + (5,250) b. + + + b. Adj. + + + C. + + c. Adj. d. + + + d. Adj. + + + + References Accounting Equation Difficulty: 2 Medium Learning Objective: 02-05 Show how accounting for supplies affects financial statements. Learning Objective: 02-07 Show how accounting for unearned revenues affects financial statements. Learning Objective: 02-06 Show how accounting for prepaid items affects financial statements. 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 s round intermediate calculations. Enter any decreases to account balances with a minus sign.) a. Paid $7,000 cash in advance on April 1 for a one-year insurance policy. b. Received a $16,440 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. c. Purchased $2,100 of supplies on account. At year's end, $200 of supplies remained on hand. d. Paid $5,850 cash in advance on March 1 for a one-year lease on office space. The Accounting Equation Total Assets Event/ Adjustment Stockholders' Equity Cash Other Assets Liabilities + Common Stock Retained + Earnings a. (7,000) + 7,000 = + + a. Adj. + (5,250) = + + (5,250) b. + + + b. Adj. + + + C. + + c. Adj. d. + + + d. Adj. + + + + References Accounting Equation Difficulty: 2 Medium Learning Objective: 02-05 Show how accounting for supplies affects financial statements. Learning Objective: 02-07 Show how accounting for unearned revenues affects financial statements. Learning Objective: 02-06 Show how accounting for prepaid items affects financial statements.