Journalizing adjusting entries and identifying the impact on financial statements Stewart Fishing Charters has collected the following data for the December 31 adjusting entries:
a. The company received its electric bill on December 20 for $150 but will not pay it until January 5. (Use the Utilities Payable account.)
b. Stewart purchased a nine-month boat insurance policy on November 1 for $8,100. Stewart recorded a debit to Prepaid Insurance.
c. As of December 31, Stewart had earned $4,000 of charter revenue that has not been recorded or received.
d. Stewart’s fishing boat was purchased on January 1 at a cost of $80,500. Stewart expects to use the boat for five years and that it will have a residual value of $5,500. Determine annual depreciation assuming the straight-line depreciation method is used.
e. On October 1, Stewart received $5,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Stewart has completed the charter.
1. Journalize the adjusting entries needed on December 31 for Stewart Fishing Charters. Assume Stewart records adjusting entries only at the end of the year.
2. If Stewart 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.
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