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Help with transaction entries Transaction Entries and Adjusting Entries Beale Building Services offers janitorial services on both a contract basis and an hourly basis. On

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Transaction Entries and Adjusting Entries Beale Building Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Beale collected $48.000 in advance on a sixe-month contract for work to be performed evenly during the next six months. a. Provide the general journal entry on January 1 to record the receipt of $48,000 for contract work. b. Provide the adjusting entry to be made on January 31, for the contract work done during January. C. At January 31, a total of 40 hours of hourly rate janitor work was unbilled. The billing rate is $33 per hour. Provide the adjusting entry needed on january 31 (Note: The firm uses the account Fees Receivable to reflect amounts due but not yet billed.) Round your answers to the nearest whole number. Date Description Debit Credit a. Jan. 1 To record 6 month contract b. Jan, 31 To record January service fees earned on contract c Jan 31

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