adjusting entries only at the end of the year. (Re will not pay it until January 5. (Use the Utilities Payable account.) i Requirements 1. Journalize the adjusting entries needed on December 31 for Carter Fishing Charters. Assume Carter records adjusting entries only at the end of the year. 2. If Carter had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be misstated and if the misstatement is overstated or understated. for $ Print Done hat has not been recorded or received. December 31 fd 0 More Info (Reo or $275 but will ng tion a. The company received its electric bill on December 20 for $275 but will not pay it until January 5. (Use the Utilities Payable account.) b. Carter purchased a six-month boat insurance policy on November 1 for $2,400. Carter recorded a debit to Prepaid Insurance. c. As of December 31, Carter had eamed $4,500 of charter revenue that has not been recorded or received. d. Carter's fishing boat was purchased on January 1 at a cost of $33,000. Carter expects to use the boat for ten years and that it will have a residual value of $3,000. Determine annual depreciation assuming the straight-line depreciation method is used e. On October 1, Carter received $5,500 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Carter has completed the charter November 1 for dion Print Done revenue that has not been recorded or received Peter Fishing Charters has collected the following data for the December 31. adjusting entries: Click the loon to view the date.) Read the requirements Requirement 1. Joumalire the adjusting entries needed on December 31 for Carter Fishing Charters. Assume Carter records adjusting entries only at the end of the year. (Racord debe the journal entry table) a. The company received its electric bill on December 20 for $275 but will not pay it until January 5. (Use the Usilities Payable account) Date Accounts and Explanation Debit Credit (a) Dec 31 b. Carter purchased a six-month boat insurance policy on November 1 for $2.400 Carter recorded a debit to Prepaid Insurance Date Accounts and Explanation Debit Credit (b) Dec 31 c. As of December 31, Carter had earned $4.500 of charter revenue that has not been recorded or received Choose from any at or enter any number in the input fields and then continue to the next question MacBook Air bus collected the following data for the December 31 adjusting View the data) 6 Read the moment c. As of December 31, Carter had eamed $4.500 of charter over that has not been recorded ved Accounts and Explanation Debit Credit (s) Dec 31 d. Carterstoring boat was purchased on January at a cost of $20,000 Carter spects to use the boat for ten years and put it will have a e of 532.000 Camis na prestereng te mire Accounts and Explanation Data (a) Dec 31 Debit Credit On October 1, carte ved 600 ranforming that to an As December 31, Carros comprehecht (When he Data Account and Explanation Dahil C Choose from any one yen the notes and then continue to the next question MacBook Air 888 1 # 3 $ 4 % 5 A 6 & 7 8 9 0 2 E W R U Y hing Charterhes collected the following data for the December 31 adjusting entries: Click the icon to view the data) Read the moments On October 1, Carter received $5.500 prepayment for a deep sea fishing charter to take place in December. As of December 31, Carter has completed the charter. (When the cash was movedamma Date Accounts and Explanation Debit Credit () Dec 31 Requirement 2. If Carter had not recorded the adjusting entries indicate which specific category of accounts on the fracial statements would be stated and the statement is verstuted or understated Begin by completing the table for adjustment and the transactions through Specific Category of Specfic Category Austing Accounts on the of Accounts on the Over Entry Balance Sheet Understated Income Start Understad () b) fo) Choose from any ist or enter any number in the input told and then continue to the next question MacBook Air esc 20 ES DOO 00 FC % 5 3 8 Read the girements Requirement 2. Carter had not recorded the adjusting entries, indicate which speole category of counts on the financial statements would be stated and the misstatement is overstadt Begin by completing the table for adjustments and then transactions through Specific Category of Specific Category Adjusting Accounts on the Over of Accounts on the Over! Entry Balance Sheet Understated Income Statement Understated (a) (b) c) (0) (o Choose from any list or enter any number in the input fields and then continue to the next question MacBook Air ODO ! esc BO 8004 FS A @ 2 # 3 % 5 & 7 9 8 4 6