Transaction Entries and Adjusting Entries Beale Building Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Beale collected $30,200 in advance on a six-month contract for work to be performed evenly during the next six months.

Transaction Entries and Adjusting Entries Beale Building Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Beale collected $30,200 in advance on a six-month contract for work to be performed evenly during the next six months a. Provide the general journal entry on January 1 to record the receipt of $30,200 for contract work b. Provide the adjusting entry to be made on January 31, for the contract work done during January C. At January 31, a total of 30 hours of hourly rate janitor work was unbilled. The billing rate is $26 per hour. Provide the adjusting entry needed on January 31 (Note: The firm uses the account Fees Receivable to reflect amounts due but not yet billed.) Round your answers to the nearest whole number. Debit Date Description Credit 30,200 s a. Jan. 1 Fees Receivable Unearned Service Revenue 30,200 To record 6 month contract. b. Jan. 31 Service Fees Earned 5,033.33 25,166.67 Unearned Service Revenue To record January service fees earned on contract c. Jan. 31 To record un billed service fees at January 31