Griffin Fishing Charters has collected the following data for the December 31 adjusting entries: i (Click...

 

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Griffin Fishing Charters has collected the following data for the December 31 adjusting entries: i (Click the icon to view the data.) Read the requirements. Requirement 1. Journalize the adjusting entries needed on December 31 for Griffin Fishing Charters. Assume Griffin 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 $200 but will not pay it until January 5. (Use the Utilities Payable account.) Accounts and Explanation Credit Date (a) Dec. 31 Debit 4 a. The company received its electric bill on December 20 for $200 but will not pay it until January 5. (Use the Utilities Payable account.) b. Griffin purchased a nine-month boat insurance policy on November 1 for $5,400. Griffin recorded a debit to Prepaid Insurance. c. As of December 31, Griffin had earned $4,500 of charter revenue that has not been recorded or received. d. Griffin's fishing boat was purchased on January 1 at a cost of $63,000. Griffin expects to use the boat for ten years and that it will have a residual value of $3,000. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Griffin received $7,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Griffin has completed the charter. 1. Journalize the adjusting entries needed on December 31 for Griffin Fishing Charters. Assume Griffin records adjusting entries only at the end of the year. 2. If Griffin 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. Print Done Griffin Fishing Charters has collected the following data for the December 31 adjusting entries: i (Click the icon to view the data.) Read the requirements. Requirement 1. Journalize the adjusting entries needed on December 31 for Griffin Fishing Charters. Assume Griffin 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 $200 but will not pay it until January 5. (Use the Utilities Payable account.) Accounts and Explanation Credit Date (a) Dec. 31 Debit 4 a. The company received its electric bill on December 20 for $200 but will not pay it until January 5. (Use the Utilities Payable account.) b. Griffin purchased a nine-month boat insurance policy on November 1 for $5,400. Griffin recorded a debit to Prepaid Insurance. c. As of December 31, Griffin had earned $4,500 of charter revenue that has not been recorded or received. d. Griffin's fishing boat was purchased on January 1 at a cost of $63,000. Griffin expects to use the boat for ten years and that it will have a residual value of $3,000. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Griffin received $7,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Griffin has completed the charter. 1. Journalize the adjusting entries needed on December 31 for Griffin Fishing Charters. Assume Griffin records adjusting entries only at the end of the year. 2. If Griffin 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. Print Done

Answer rating: 100% (QA)

2 1 Prepare adjusting journal entries as shown below Acco... View the full answer