Assume the company records adjusting entries monthly Joumalue the adjusting entries needed as of January 31 (Record debits first, then credits Select the explanation on the last line of the poumat entry table.) 3. Busthess recelves $3,000 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 liabilify account was credited Assume services are performed evenly each month throughout the term of the contract.)