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Each of the following independent events requires a year-end adjusting entry.
Point 1: Paid $9,900 cash in advance on July 1 for a one-year lease on office space.
Point 2: Purchased $3,900 of supplies on account on April 15. At year-end, $160 of supplies remained on hand.
Point 3: Received a $9,100 cash advance on July 1 for a contract to provide services for one year beginning immediately.
Point 4: Paid $4,300 cash in advance on February 1 for a one-year insurance policy.
Required
Question 1: Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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