Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Business receives $3,200 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 (1) (2) (3) (4) (5) b. Total salaries for all employees is $3,600 per month. Employees are paid on the 1st and 15th of the month. Date Accounts and Explanation Debit Credit Jan. 31 (6) (7) (8) (9) (10) c. Work performed but not yet billed to customers for the month is $1,600. Date Accounts and Explanation Debit Credit Jan. 31 (11) (12) |(13) (14) (15) d. The company pays interest on its $16,000, 4% note payable of $53 on the first day of each month. Date Accounts and Explanation Debit Credit Jan. 31 (16) (17) |(18) (19) (20) 1: More Info a. Business receives $3,200 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.) b. Total salaries for all employees is $3,600 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 $1,600. d. The company pays interest on its $16,000, 4% note payable of $53 on the first day of each month. Unearned Revenue (1) O Interest Expense Salaries Expense Accounts Receivable Interest Payable Salaries Payable O Cash Office Supplies Service Revenue Insurance Expense Prepaid Insurance Supplies Expense