on September 28,2018, Ben signs a contract with commercial cleaning services. commercial cleaning will provide 6 months of office cleaning services for $2000 per month. Benson pays $12,000 cash to commercial cleaning on September 28,2018. Cleaning services will begin on October 1, 2018. Complete the following requirements for Benson. Prepare the journal entries for the transaction on September 28, 2018 and the transaction on December 31, 2018. Make proper journal entries (omit explanations). If benson fails to record the December 31, 2018 adjusting entry, what is the effect on net income, income statement account(s) and balance sheet account(s)?

Problem l: On September 28, 2018, Ben signs a contract with Commercial Cleaning Services. Commercial Cleaning will provide 6 months of office cleaning services for $2,000 per month. Benson pays $12,000 cash to Commercial Cleaning on September 28, 2018. Cleaning services will begin on October 1, 2018. Complete the following requirements fo (1) Prepare the journal entries for the transaction on September 28, 2018 and the transaction on December 31, 2018). Make proper journal entries (omit explanations). (2) If Benson fails to record the December 31, 2018 adjusting entry, what is the effect on net income, income statement account(s) and balance sheet account(s)? (HINT: Explain which accounts would be understated or overstated if no adjusting entry is made regarding this problem. I want to know the specific account names and if they would be overstated or understated.)