More Info 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. Dillon purchased a six-month boat insurance policy on November 1 for $5,400. Dillon recorded a debit to Prepaid Insurance. c. As of December 31, Dillon had earned $3,500 of charter revenue that has not been recorded or received d. Dillon's fishing boat was purchased on January 1 at a cost of $48,000. Dillon expects to use the boat for ten years and that it will have a residual value of $2,000 Determine annual depreciation assuming the straight-line depreciation method is used e. On October 1, Dillon received $7 500 prepayment for a deep-sea fishing charter to take place in December As of December 31, Dillon has completed the charter Print Done ng entries needed on December 31 for Dillon Fishing Charters. Assume Dillon records adjusting entries only at the end on on the last line of the journal entry table) ill on coun Requirements - X 1. Journalize the adjusting entries needed on December 31 for Dillon Fishing Charters. Assume Dillon records adjusting entries only at the end of the year 2. If Dillon 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 insurd coun Print Done FOOTTOTECT Requirement 1. Journalize the adjusting entries needed on December 31 for Dillon Fishing Charters. Assume Dillon 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 $275 but will not payit until January 5 (Use the titles Payable account) Date Accounts and Explanation Debit Credit (a) Dec 31 b. Dillon purchased a six month boat insurance policy on November 1 or 55,400 Dillon recorded a debit to Prepaid Insurance Date Accounts and Explanation Debit Credit (b) Dec 31 c. As the Dilla 500 of cut that with an entert mind al c. As of December 31, Don haded $3.500 of charter even that has not been recorded or received Date Accounts and explanation Debit Credit (c) Doc 31 d. Don's fishing boat was purchased on January 1 at a cost of $48.000 ton expects to use the boat for ten years and that will have eve of $2.000 Dome depreciation assuming the straight line depreciation method is used Date Accounts and Explanation Debit Credit (d) Dec 31 e On October 1, Dillon received $7,500 prepayment for a deep sea fishing charter to take place in December As of December 31 Dillon has completed the charter (When the cash was received, assume that a liability account was credited) Date Accounts and Explanation Debit Credit (o) Dec 31 Requirement 2. if Dillon had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be msstated and it the misstatements overstated or understated Begin by completing the table for adjustments and then transactions through Specific Category of Spocific Category Adesting Accounts on the Over of Accounts on the Over Entry Balance Sheet Understated Income Statement Understated (a) ( b) b d (0) (0)