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 $2,500 on January 1 for 10-month service contract for the period January 1 through October 31. (When the cash was recelived on January 1, assume that a liability account was credited. Assume services are performed evenly each month throughout the term of the contract.) Date Accounts and Explanation Debit Credit Jan. 31