[solved]-Consider The Following Situations A Business Receives 2000 On

Consider the following situations:

a. Business receives $ 2,000 on January 1 for 10-month service contract for the ­period January 1 through October 31.

b. Total salaries for all employees is $ 3,000 per month. Employees are paid on the 1st and 15th of the month.

c. Work performed but not yet billed to customers for the month is $ 900.

d. The company pays interest on its $ 10,000, 6% note payable of $ 50 on the first day of each month.

Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31.

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