Carter Fishing Charters has collected the following data for the December 31 adjusting entries: (Click the icon to view the data.) Read the requirements Requirement 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. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. The company received its electric bill on December 20 for $350 but will not pay it until January 5. (Use the Utilities Payable account.) Date (a) Dec. 31 Accounts and Explanation Debit Credit b. Carter purchased a three-month boat insurance policy on November 1 for $1,500. Carter recorded a debit to Prepaid Insurance. Choose from any list or enter any number in the input fields and then continue to the next question. esc A 1 2 3 #3 54 Aa G Search or type UR % do5 6 men adjus i Requirements e jou ompa acco ate C. 31 - X 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. ume Carter n on the last e Utilities Print Done rter purchased a three-month boat insurance policy on November 1 for $1,500. Carter recorded a debit to Prepaid ance. se from any list or enter any number in the input fields and then continue to the next question. esc A K DEC 11 C Aa ? Search or type UR Carter Fishing Charters has collected the following data for the December 31 adjusting entries: (Click the icon to view the data.) Read the requirement Begin by completing the table for adjustment a and then transactions b through e. Specific Category of Specific Category Adjusting Accounts on the Over/ Entry Balance Sheet Understated of Accounts on the Income Statement Over/ Understated (a) (c) (d) Choose from any list or enter any number in the input fields and then continue to the next question. esc 1 A 72 Aa #3 3 $ #4 G Search or type UR % alo5 6 More Info a. The company received its electric bill on December 20 for $350 but will not pay it until January 5. (Use the Utilities Payable account.) b. Carter purchased a three-month boat insurance policy on November 1 for $1,500. Carter recorded a debit to Prepaid Insurance. c. As of December 31, Carter had earned $4,000 of charter revenue that has not been recorded or received. d. Carter's fishing boat was purchased on January 1 at a cost of $60,500. Carter expects to use the boat for five years and that it will have a residual value of $5,500. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Carter received $4,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Carter has completed the charter. X Print Done my list or enter any number in the input fields and then continue to the next question. Dec AA 11 it to Search or