a. b. Business receives $3,400 on January 1 for 10-month service contract for the period January 1 through October 31. (Assume services are performed evenly each month throughout the term of the contract.) Total salaries for all employees is $2,000 per month. Employees are paid on the 1st and 15th of the month. Work performed but not yet billed to customers for the month is $950. The company pays interest on its $24,000, 5% note payable of $100 on the first day of each month. C. d. a. Business receives $3,400 on January 1 for 10-month service contract for the period January 1 through October 31. (When the cash was received on January 1, assume that a liability account was credited. Assume services are performed evenly each month throughout the term of the contract.) Date Accounts and Explanation Debit Credit Jan. 31