Journalizing Transactions and Adjusting Accounts Deluxe Bolding Services offers custodial services on both a contract basis and an hourly basis. On January 1, 2015, Deluxe collected $40,200 in advance on a six-month contract for work to be performed evenly during the next six months. Assume that Deluxe closes its books and issues financial reports on a monthly basis. a. Prepare the entry on January 1 to record the receipt of 540.200 cash for contract work (1) using the financial statements effect template and (2) in journal entry form. b. Prepare the adjusting entry to be made on January 31, 2015, for the contract work done during January (1) using the financial statements effect template and (2) in journal enery form. c. At January 31, a total of 40 hours of hourly rate custodial work was unbilled. The billing rate is $21 per hour. Prepare the adjusting entry needed on January 31, 2015.() using the financial statements effect template and (2) in journal entry form. (The firm uses the account Fees Receivable to reflect amounts due but not yet billed). Financial statement effects template Journal entries Noncash Assets 0 Contrib Capital Asset Earned Capital Net income Revenues. Experiet - Transaction Entry on January to record the receipt of cash for contract work b. Aduint entry on janary 1, 2015for the contract work door during January Asting entry on any formed custodial work Please answer all parts of the question 0 0 - Liabilities 0 0 0 DO 0 0 O 0 0