Preparing Accounting Adjustments Schrand Services offers janitorial services on both a contract basis and an hourly...

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Preparing Accounting Adjustments Schrand Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Schrand collected $36,540 cash in advance on a six-month contract for work to be performed evenly during the next six months. a. Prepare the entry on January 1 to reflect the receipt of $36,540 cash for contract work; use the financial statement effects template. b. Adjust the appropriate accounts on January 31 for the contract work done during January; use the financial statement effects template. c. At January 31, a total of 42 hours of hourly rate janitor work was performed but unbilled. The billing rate is $19 per hour. Prepare the accounting adjustment needed on January 31 using the financial statement effects template. (The firm uses the accounts receivable account to reflect revenue earned but not yet billed.) Prepare a journal entry for each of parts a, b, and c. Account Debit Credit 0 0 a 0 0 0 0 b. 0 0 0 0 C. 0 0 Preparing Accounting Adjustments Schrand Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Schrand collected $36,540 cash in advance on a six-month contract for work to be performed evenly during the next six months. a. Prepare the entry on January 1 to reflect the receipt of $36,540 cash for contract work; use the financial statement effects template. b. Adjust the appropriate accounts on January 31 for the contract work done during January; use the financial statement effects template. c. At January 31, a total of 42 hours of hourly rate janitor work was performed but unbilled. The billing rate is $19 per hour. Prepare the accounting adjustment needed on January 31 using the financial statement effects template. (The firm uses the accounts receivable account to reflect revenue earned but not yet billed.) Prepare a journal entry for each of parts a, b, and c. Account Debit Credit 0 0 a 0 0 0 0 b. 0 0 0 0 C. 0 0