Question 4 Not complete Marked out of 2.17 Transaction Analysis and Adjustments Flag question Beale Building Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Beale collected $90,000 in advance on a six-month contract for work to be performed evenly during the next six months. Using the Transaction Analysis Template, determine the financial statement effect of each of the following: a. The receipt on January 1 of $90,000 for contract work. b. The adjustment to be made on January 31, for the contract work done during January. c. At January 31, a total of 90 hours of hourly rate janitor work was unbilled. The billing rate is $25 per hour. Provide the accrual entries needed on January 31. (Note: The firm uses the account Fees Receivable to reflect amounts due but not yet billed.) Note: Use negative signs with answers, when appropriate. Transaction a. Jan. 1 receipt for contract work. b. Jan. 31 adjustment for contract work. c. Jan. 31 adjustment for unbilled janitor work. Check Balance Sheet Income Statement Stockholders' Assets = Liabilities + Equity Revenues Expenses = Net Income 0 O 0 0 0 0 10 0 0 0 0 0 0 0 0 000