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lizing adjusting entries and identifying the impact on financial on nancial P3-34A J statements data for the December 31 Wright Fishing Charters has collected the

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lizing adjusting entries and identifying the impact on financial on nancial P3-34A J statements data for the December 31 Wright Fishing Charters has collected the following adjusting entries: will not pay it. a. The company received its electric bill on December 20 for $225 but until January 5. (Use the Utilities Payable account.) b. Wright nine-month boat insurance policy on November 1 for $9,000 purchased a Wright recorded a debit to Prepaid Insurance. c. As of December 31, Wright had earned $2,000 of charter revenue that has not been recorded or received. d. Wright's fishing boat was purchased on January 1 at a cost of $44,500. Wright expects to use the boat for five years and that it will have a residual value of $4,500. Determine annual depreciation assuming the straight-line depreciation method is used. e. On october 1, Wright received $8,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Wright has completed the charter

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