P3-34A (similar to) Question Help Dillon Fishing Charters has cofected the lelowing date fer the December 3t adusting es Requrements Dlon records odustrgerme, orty ttnend ofthe ye" (Record debto frst, then croots Select heeplanation onthela t line of 1. Joumaline the adjusting entrios neoded on December 31 for Dilon Fishing Charters Assume Diion reconds adjusing entries only at the end of the year the utlities Payabio acount 2. Dilon had not recorded the adjusting enties, indicate which specific category of finandial statements would be misstated and i he misstatement is overstated or undstted Print Done The compeny recelved its electric biltl on December 20 for $175 but will not pay it untl January & (Use the Uities Payable account b. Olon purchased a sw month boat insurance policy on November 1 o G. As of December 31, Dilon had eamed $2.500 of chawter reverue that has not d. lon's Sshing boat was purchased on January, at a costof$56,500 Dllon 2400, Dilon reoorded a debit to Prepaid Inaurance expects to use te beat five years and that it wil have read al value of 500 Determine arnual depreciaion ansuming the straight ine depreciation s used e. On October 1, Dillon received $6.500 prepayment for a deep-sea fiahing charter to take place in December.As of December 31, Dilon has compieted