Consider the following$$ situations: LOADING... $($Click the icon to view the$$ situations.$)$ Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of JanuaryJanuary $31.($Record debits$$ first, then credits. Select the explanation on the last line of the journal entry$$ table.$)$ Question content area bottom Part $1$ a$.$ Business receives $ $3$ comma $200$$$3,200$ on JanuaryJanuary $1$ for$10-$month service contract for the period JanuaryJanuary $1$ through OctoberOctober $31.($When the cash was received on January$1,$ assume that a liability account was credited. Assume services are performed evenly each month throughout the term of the$$ contract.$)$ Date Accounts and Explanation Debit Credit Jan. $31$ Unearned Revenue $320$ Service Revenue $320$ To record service revenue that was collected in advance. $$ Part $2$ b$.$ Total salaries for all employees is $ $3$ comma $600$$$3,600$ per month. Employees are paid on the $1$st and $15$th of the month. Date Accounts and Explanation Debit Credit Jan. $31$ Salaries Expense $1800$ Salaries Payable $1800$