Journalizing Transactions and Adjusting Accounts Deluxe Building Services offers custodial services on both a contract basis and an hourly basis. On January 1, Deluxe collected $50,250 in advance on a six-month contract for work to be performed evenly during the next six months. Assume Deluxe closes its book and issues financial reports on a monthly basis. Prepare entries for the following transactions: a. The receipt of the $50,250 cash advance on January 1 . b. The adjustment on January 31 for the contract work done during January. c. The adjustment on January 31 for 45 hours of unbilled custodial work. The billing rate is $19 per hour. Recording Transactions and Adjustments in the Financial Statement Effects Template (Fstr) Delike buiding Services offers custodal services on both a wontract basis and an hourly basis. On damuary 1, Deluxe collected 550,250 in advance on a sx-month contract for work to be peformed rvenly during the nest so tmonths. Assume Deluse closes its book and istuei financial reports on a manthly batite. Enter the folowic Gansactions in the fandisi rtamement eflects tenglate 2. The recript of the 350,250 cash adwance onjanuary 1 . b. The adjustment on /anuaty 3t for che convact work done durine jansary if The aduatinent an janwany 3 t for 45 hours of cnbilied custodial work, The biling rate is. 119 per bair