Harrison Fishing Charters has collected the following data for the December 31 adjusting entries: a. The company received its electric bill on December 31 for $375 but will not pay it until January 5. (Use the Utilities Payable account.) b. Harrison purchased a three-month boat insurance policy on November 1 for $3,600. Harrison recorded a debit to Prepaid Insurance. c. As of December 31, Harrison had earned $1,000 of charter revenue that has not been recorded or received. d. Harrison's fishing boat was purchased on January 1 at a cost of $56,500. Har- rison expects to use the boat for five years and that it will have a residual value of $6,500. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Harrison received $5,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Harrison has completed the charter. Requirements 1. Journalize the adjusting entries needed on December 31 for Harrison Fishing Charters. Assume Harrison records adjusting entries only at the end of the year. 2. If Harrison had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be misstated and if the misstate- ment is overstated or understated. Use the following table as a guide: Adjusting Entry Specific Category of Accounts on the Balance Sheet Specific Category of Accounts on the Over / Over / Understated Income Statement Understated

Wilson Company paid $6,300 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $6,300, and no adjustments had been made previously. The adjusting entry required on December 31 is: Multiple Choice O O O Debit Prepaid Insurance, $1,575; credit Insurance Expense, $1,575. Debit Cash, $6,300; Credit Prepaid Insurance, $6,300. Debit Prepaid Insurance, $3,150; credit Insurance Expense, $3,150. O Debit Insurance Expense, $1,575; credit Prepaid Insurance, $1,575. Debit Insurance Expense, $3,150; credit Prepaid Insurance, $3,150.

Carson's Bakery operates its business on a calendar year-end and uses 3% of Accounts Receivable to estimate bad debt expense. The company presents the following information at December 31, 2020 before any adjusting entries have been made. Account DR CR Accounts receivable 978,000 Allowance for doubtful accounts 23,750 667,500 Net credit sales What will the company record for bad debt expense? Debit choose your answer... type your answer... Credit choose your answer... type your answer...

At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,500 (credit) before adjustment. The company estimates future uncollectible accounts to be $7,500.   What adjusting entry would Dahir record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

On March 1, the Applewood Corporation wanted to purchase a $475,000 piece of equipment, but Applewood was only able to furnish $161,500 of its own cash to purchase the equipment. Applewood borrowed the remainder of the $475,000 from the People’s National Bank on a 2-year, 5.5% note. Required: If the company keeps its records on a calendar year, what adjusting entry should Applewood make on December 31? If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Dec. 31   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6   (Record accrued interest expense)

The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito’s Pizza Parlor appears below. Vito’s fiscal year-end is December 31. On July 1, 2021, purchased $11,500 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 12%. Vito’s depreciable equipment has a cost of $31,500, a five-year life, and no salvage value. The equipment was purchased in 2019. The straight-line depreciation method is used. On November 1, 2021, the bar area was leased to Jack Donaldson for one year. Vito’s received $6,900 representing the first six months’ rent and credited deferred rent revenue. On April 1, 2021, the company paid $2,760 for a two-year fire and liability insurance policy and debited insurance expense. On October 1, 2021, the company borrowed $23,000 from a local bank and signed a note. Principal and interest at 12% will be paid on September 30, 2022. At year-end, there is a $1,950…

The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31. 1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock’s depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits Prepaid Insurance. 4. On September 1, 2021, the company borrows $20,000 from a local bank and signs a note. Principal and interest at 12% will be paid on August 31, 2022. 5. At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand.Required: Record the necessary adjusting entries on…

At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31

During the month of June, Novak Boutique recorded cash sales of $259, 350 and credit sales of $126, 420, both of which include the 5% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit June 30 enter an account title for the adjusting entry on June 30 Sales Revenue Correct answer enter a debit amount 250653 Incorrect answer enter a credit amount Incorrect answer enter an account title for the adjusting entry on June 30 Sales Taxes Payable Correct answer enter a debit amount Incorrect answer enter a credit amount 250653 Incorrect answer

A company has a property insurance policy with an annual premium of $1,310. In recent months, the company has filed four different claims against the policy: a fire, two burglaries, and a vandalism incident. The insurance company has elected to cancel the policy, which has been in effect for 310 days. What is the regular refund due (in $) to the company? (Round your answer to the nearest cent.) $ Submit Answorl