Requirement 1. Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assme Taylor 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 $150 but will not pay it until January 5. (Use the es Payable account) Date Accounts and Explanation Debit Credit More Info (a) Dec. 31 a. The company recelved its electric bill on December 20 for $150 but will not b. Taylor purchased a three-month boat insurance policy on November 1 for c. As of December 31. Taylor had eamed S4.000 of charter revenue that has not d. Taylor's fshing bost was purchased on January 1 at a cost of $49.000. Taylor pay it until January 6. (Use the Utities Payable account) $1,200. Taylor racordad a debit to Prapaid Insurance. baen racordad or recaived o record pay expects to use the boat for five years and that t will have a residual value o $4,000. Determine annual depreciation assuming the straight-line depreciation method is used e. On Octobar 1, Taylor received $4,000 prapaymant for a deep sea fishing fing charter to take place in December. As of December 31, Taylor has completed the chater emiger. As of December 31. Tayor PrintDone