Requirement 1. Journalize the adjusting entries needed on December 31 for Miller Fishing Charters. Assume Miller 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 $230 but will not pay it until January 5. (Use the Utilities Payable account.) Accounts and Explanation Date Debit Credit () Dec. 31 X i b. Miller purchased a three-month boat insurance policy on November 1 for $600. Miller recorded a debit to Prep Requirements Accounts and Explanation Date Debit Credit (b) Dec. 31 1. Journalize the adjusting entries needed on December 31 for Miller Fishing Charters. Assume Miller records adjusting entries only at the end of the year. 2. If Miller 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. c. As of December 31, Miller had earned $1,500 of charter revenue that has not been recorded or received. Done Print Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. If Miller 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. Begin by completing the table for adjustment a and then transactions b through e Specific Category of Specific Category Adjusting Accounts on the of Accounts on the Over / Over/ Entry Understated Balance Sheet Understated Income Statement (a) (b) (d) (e) i More Info a. The company received its electric bill on December 20 for $230 but will not pay it until January 5. (Use the Utilities Payable account.) b. Miller purchased a three-month boat insurance policy on November 1 for $600. Miller recorded a debit to Prepaid Insurance. c. As of December 31, Miller had earned $1,500 of charter revenue that has not been recorded or received. d. Miller's fishing boat was purchased on January 1 at a cost of $77,500. Miller expects to use the boat for five years and that it will have a residual value of $2,500. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Miller received $7,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Miller has completed the charter. Print Done