dillon fishing charters has collected the following data for the december 31 adjusting entries

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Requirements
1. Journalize the adjusting entries needed on December 31 for Dillon Fishing Charters. Assume Dillon records adjusting entries only at the end of the year.
2. If Dillon 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. Use the following table as aguide.