Consider the following situations:

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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 $$2,200$ 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.$)$