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Effect of adjusting entries on the accounting equation

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Problem- Effect of adjusting entries on the accounting equation

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Each of the following independent events requires a year­end 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 $6,500 cash in advance on April 1 for a one­year insurance policy.

b. Purchased $1,850 of supplies on account. At year's end, $150 of supplies remained on hand.

c. Paid $6,450 cash in advance on March 1 for a one­year lease on office space.

d. Received an $14,400 cash advance for a contract to provide services in the future. The contract required a one­year commitment starting September 1.

Reference no: EM131772743

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