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 $325 but will not pay it until January 5 (Use the Utilities Payable account) Accounts and Explanation Credit Date Debit (a) Dec 31 Requirements 1. Journalize the adjusting entries needed on December 31 for Gntin Fishing Charters. Assume Griffin records adjusting entries only at the end of the year 2. I Griffin had not recorded the adjusting entries, indicate which specific catogory of accounts on the financial statements would be misstated and if the misstatement is overstated or understated