Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of JanuaryJanuary 31. (Record debitsfirst, then credits. Select the explanation on the last line of the journal entrytable.)

a. Business receives $3,600 on January 1 for10-month service contract for the period January 1 through October 31. (When the cash was received on January1, assume that a liability account was credited. Assume services are performed evenly each month throughout the term of thecontract.)

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b.

Total salaries for all employees is $ 2 comma 000$2,000 per month. Employees are paid on the 1st and 15th of the month.

c.

Work performed but not yet billed to customers for the month is $ 950$950.

d.

The company pays interest on its $ 14 comma 000$14,000, 66% note payable of $ 70$70 on the first day of each month.