ACCOUNTING Each of the following independent events requires a year-end adjusting entry. Paid $9,700 cash in advance on July 1 for a one-year lease on office space. Purchased $2,900 of supplies on account on April 15. At year-end, $300 of supplies remained on hand. Received a $10,300 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $4,300 cash in advance on February 1 for a one-year insurance policy. Required 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.) Date Account Titles Debit Credit July 1 Prepaid rent 9,700 Cash 9,700 December 31 Rent expense (9,700 × 6/12) 4,850 Prepaid rent 4,850