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

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Accounting

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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 shown as an example. (Do not 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

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