Journalizing adjusting entries Harrison Fishing Charters has collected the following data for the December 31 adjusting entries: a. The company received its electric bill on December 31 for $375 but will not pay it b. Harrison purchased a three-month boat insurance policy on November 1 for c. As of December 31, Harrison had earned $1,000 of charter revenue that has not d. Hartison's fishing boat was purchased on January 1 at a cost of $56,500. Har until January 5. (Use the Utilities Payable account.) $3,600. Hatrison recorded a debit to Prepaid Insurance been recorded or received. rison expects to use the boat for five years and that it will have a residual value of $6,500. Determine method is used. annual depreciation assuming the straight-line depreciation e. On October 1, Harrison received $5,000 prepayment for a deep-sea fishing charter to take place in December-As of December 31, Harrison has completed the charter. Requirements 1. Journalize the adjusting entries needed on December 31 for Harrison Fishing Charters. Assume Harrison records adjusting entries only at the end of the year