Cansider the following siluations (Click the icon to view the situations) Assume the company records adjusting entries monthly. Joumalize 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 53,200on 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 Eability account was credited. Assume services are performed evenly each month throughout the term of the contract) Date Accounts and Explanation Debit Credit Jan 31 More Info Business receives 53,200 on January 1 for 10-month service contract for the periad January 1 through October 31 (Assume services are performed evenly each month throughout the term of the contract.) a. b. Total salaries for all employees is $3,600 per month. Emplayees are paid on the 1st and 15th of the month Work performed but not yet billed to customers for the month is $1,600 The company pays interest on its S 16,000, 4% note payable of $53 on the first day of each month c. d. Print Done