Consider the following situations: (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 $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 Jan. 31 Accounts and Explanation Debit Credit