vart Fishing Charters has collected the following data for the December $31$ adjusting entries:

the data,

d the requirements.

direment $1.$ Journalize the adjusting entries need

ts$.$ Select the explanation on the last line of the jd

e company received its electric bill on December

Date

Accounts and Ex

ec$.31$

wart Fishing Charters purchased a nine$-$month

Oate

Accounts and Ex

Data

a$.$ The company received its electric bill on December $20$ for $$300$ but will not

pay it until January $5.($Use the Utilities Payable account.$)$

b$.$ Stewart Fishing Charters purchased a nine$-$month boat insurance policy on

November $1$ for $$3,600.$ Stewart Fishing Charters record$$d a debit to Prepaid

Insurance,

c$.$ As of December $31,$ Stewart Fishing Charters had earned $$5,000$ of charter

revenue that has not been recorded or received.

d$.$ Stewart Fishing Charters" fishing boat was purchased on January $1$ at a cost

of $$64,600.$ Stewart Fishing Charters expects to use the boat for five years

and that it will have a residual value of $$4,600.$ Determine annual depreciation

assuming the straight$-$line depreciation method is used.

e$.$ On October $1,$ Stewart Fishing Charters received $$5,000$ prepayment for

a deep$-$sea fishing charter to take place in December. As of December $31,$

Stewart Fishing Charters has completed the charter.

ntries only at the end of the $y$

nsurance,

$31$

edata

errequirements,

ment $1.$ Journalize the adjusting entries need

Select the explanation on the last line of the $j$

ompany received its electric bill on Decembe

Fishing Charters purchased a nine$-$month

e

$31$

Accounts and Ex

Requirements

Journalize the adjusting entries needed on December $31$ for Stewart Fishing

Charters. Assume Stewart Fishing Charters records adjusting entries only at

the end of the year.

If Stewart Fishing Charters 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.

Stewart Fishing Charters has collected the following data for the December $31$ adjusting entries:

Requirement $1.$ Journalize the adjusting entries needed on December $31$ for Stewart Fishing Charters. Assume Stewart Fishing Charters 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 $$300$ but will not pay it until January $5.($Use the Utilities Payable account.$)$

b$.$ Stewart Fishing Charters purchased a nine$-$month boat insurance policy on November $1$ for $$3,600.$ Stewart Fishing Charters recorded a debit to Prepaid Insurance.

c$.$ As of December $31,$ Stewart Fishing Charters had earned $$5,000$ of charter revenue that has not been recorded or received.

Stewart Fishing Charters has collected the following data for the December $31$ adjusting entries:

$||$

c$.$ As of December $31,$ Stewart Fishing Charters had earned $$5,000$ of charter revenue that has not been recorded or received.

d$.$ Stewart Fishing Charters' fishing boat was purchased on January $1$ at a cost of $$64,600.$ Stewart Fishing Charters expects to use the boat for five years and that it will have a residual value of $$4,600.$ Determine

annual depreciation assuming the straight$-$line depreciation method is used.

e$.$ On October $1,$ Stewart Fishing Charters received $$5,000$ prepayment for a deep$-$sea fishing charter to take place in December. As of December $31,$ Stewart Fishing Charters has completed the charter. $($When the

cash was received, assume that a liability account was credited.$)$

Stewart Fishing Charters has collected the following data for the December $31$ adjusting entries:

e$.$ On October $1,$ Stewart Fishing Charters received $$5,000$ prepayment for a deep$-$sea fishing charter to take place in December. As of December $31,$ Stewart Fishing Charters has completed the charter. $($When the

cash was received, assume that a liability account was credited.$)$

Requirement $2.$ If Stewart Fishing Charters 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 $e.$

Requirement $2.$ If Stewart Fishing Charters had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements wo