Measuring Business Income: The Adjusting Process 15 For each of the following independent situations, journalize both the initial a. Dec.1 -business receives $2,000 for a 10-month service contract. Dec 31 - year-end adjusting entry needed to update the balance in the a b. Mar. 31 - work performed but not yet billed to customers for the month Apr. 21 -received payment for the work that was completed. 15 -purchased $3,500 of office supplies on account. De. 3of supplies shows that only $1,700 worth is left at year end, so the balance in the account d. Feb. 2 -business paid a $450 deposit for the last month's rental of a copier on a 10-month contract Nov. 30-the rental period for the copier ended, so the balance in the prepaid account must be updated. malize both the initial transaction and the subsequent adjusting entry Exercise 3-11 account. $900. account needs to be updated. Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST RER DERLT DEBIT