Consider the following situations Click the icon to the stations) Assume the company reconds adjusting entras monthly. Joumalize the adjusting entries needed as of January 31, (Record debits first, then credits. Select the explanation on the last line of the jouery) 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 perform evenly each month throughout the tom of the contract) Date Accounts and Explanation 31 Uneamed Revenue Service Rever 4 Debit Credit Tmployees is $3,600 per month. Employees are paid on the 1st and 15th of the month Jan 31 Accounts and Explanation Credi Next malize the vice contra Employees are on More info -X he last line o 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. The company pays interest on its $16,000, 4% note payable of $53 on the first day of each month. d. a liability acco Print Done Assume the company records adjusting entries monthly. Joumalize the adjusting entries needed as of January 31. (Record a. Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31. (Wher evenly each month throughout the term of the contract.) Date Accounts and Explanation Jan. 31 Unearned Revenue Service Revenue Debit Credit 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 theth in Penn c. Work performed but not yet billed to customers for the month is $1,600. Date Jan. 31 Accounts and Explanation Debit Credit d. The company pays interest on its $16,000, 4% note payable of $53 on the first day of each month. Date Jan. 31 Accounts and Explanation Debit Credit c. Work peric Date Jan. 31. Accounts and Explanation Debit Credit Cash collected for future services. Paid cash expenses. d. The con To accrue interest expense. Date To accrue salaries expense. Jan. 311 To accrue service revenue. To record service revenue that was collected in advance. esc Q each month. Credit G Search or type Accounts Receivable Lider t Cash Click Insurance Expense me th usting entries needed as of January 31. (Re Interest Expense Interest Payable Office Supplies Work pe Prepaid Insurance ate Debit Credit .31 Salaries Expense Salaries Payable Service Revenue The con Date an. 31 Supplies Expense Unearned Revenue he first day of each month. Debit Credit