er 31 adjusting entries: i More Info er 31 ut will a. The company received its electric bill on December 20 for $175 but will not pay it until January 5. (Use the Utilities Payable account.) b. Wilson purchased a nine-month boat insurance policy on November 1 for $4,500. Wilson recorded a debit to Prepaid Insurance. c. As of December 31, Wilson had earned $3,000 of charter revenue that has not been recorded or received. d. Wilson's fishing boat was purchased on January 1 at a cost of $51,000. Wilson expects to use the boat for five years and that it will have a residual value of $5,000. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Wilson received $9,000 prepayment for a deep-sea fishing wember 1 fd charter to take place in December. As of December 31, Wilson has completed the charter Print Done nswer Clear All @ MacBook Air 000 000 F4 00 DII F5 F7 F8 F9 % A & 1 alson Fishing Charters. Assume Wilson records adjusting entries only at the end of the ye 0 Requirements X 1. Journalize the adjusting entries needed on December 31 for Wilson Fishing Charters. Assume Wilson records adjusting entries only at the end of the year. 2. If Wilson 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. - 1 fd Print Done TOUTE 1.000 1.000 Clear All MacBook Air 7 000 000 F4 00 DII F5 F6 F2 F8 F9 % A & * ) 4 5 6 7 8 9 0 alson Fishing Charters has collected the following data for the December 31 adjusting entries: Click the icon to view the data.) Read the fequitemen a. The company received its electric bill on December 20 for $175 but will not pay it until January 5. (Use the Utilities Payable account.) Accounts and Explanation Credit Utilities Expense Date Debit (a) Dec. 31 175 Utilities Payable 175 To accrue utilities expense. b. Wilson purchased a nine-month boat insurance policy on November 1 for $4,500. Wilson recorded a debit to Prepaid Insurance Date Accounts and Explanation Debit Credit (b) Dec 31 Insurance Expense Prepaid Insurance 1,000 1,000 Choose from any drop-down list and then click Check Answer 3 parts remaining Clear All tv MacBook Air esc 80 3 888 F FE FS :8 16 & 1 2 # 3 $ 4 5 6 7 & Q W E R T Y . A S D * F F G H I Click the icon to view the data.) Read the equirement Date Accounts and Explanation Debit Credit (c) Dec. 31 3,000 Accounts Receivable Service Revenue 3,000 To accrue service revenue. d. Wilson's fishing boat was purchased on January 1 at a cost of $51,000. Wilson expects to use the boat for five years and that it method is used Date Debit Credit (d) Dec. 31 Accounts and Explanation Depreciation Expense Boat Accumulated Depreciation Boat 9,200 9.200 Trendinha Choose from any drop-down list and then click Check Answer parts remaining Clear All dtv MacBook Air esc F! 80 3 888 F4 . 11 @ A & 1 # 3 2 $ 4 % 5 6 7 Q W E R T Y A S k D F G H. Click the icon to view the data.) ead the courement e. On October 1, Wilson received $9,000 prepayment for a deep-sea fishing charter to take place in December. As of D Date Accounts and Explanation Debit Credit (e) Dec. 31 Uneared Revenue 9,000 Service Revenue 9,000 To record service revenue that was collected in advance. Requirement 2. I Wilson had not recorded the adjusting entries, indicate which specific category of accounts on the financia Begin by completing the table for adjustment a and then transactions through e. Specific Category of Specific Category Adjusting Accounts on the Over/ of Accounts on the Over/ Entry Balance Sheet Understated Income Statement Understated (a) Equity Overstated Expense Understated Choose from any drop-down list and then click Check Answer. 3 parts remaining Clear All tv MacBook Air esc F1 80 F3 # A ! 1 & 1 2 3 $ 4 % 5 6 Q W E R ab T Y . S D. 1 C To record service revenue that was collected in advance. Requirement 2. If Wilson had not recorded the adjusting entries, indicate which specific category of accounts on th Begin by completing the table for adjustment a and then transactions b through e. Over/ Over/ Adjusting Entry (a) Specific Category of Accounts on the Balance Sheet Equity Liability Specific Category of Accounts on the Income Statement Expense Understated Understated Overstated Understated Understated (b) Choose from any drop-down list and then click Check Answer. 3 parts remaining OCT 2 . a Choose from any drog 3 parts remaining