Taylor Fishing Charters has collected the following data for the December 31 adjusting entries: (Click the icon to view the data.) Read the requirements. .... Requirement 1. Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assume Taylor records adjusting entries only at the end of the year. (Record debits first, th the journal entry table.) a. The company received its electric bill on December 20 for $275 but will not pay it until January 5. (Use the Utilities Payable account.) Date Accounts and Explanation Debit Credit (a) Dec. 31 b. Taylor purchased nine-month boat insurance policy on November 1 for $9,900. Taylor recorded a debit to Prepaid Insurance. Date Accounts and Explanation Debit Credit (b) Dec. 31 c. As of December 31, Taylor had earned $1,500 of charter revenue that has not been recorded or received. Date Accounts and Explanation Debit Credit (c) Dec. 31 Taylor Fishing Charters has collected the following data for the December 31 adjusting entries: (Click the icon to view the data.) Read the requirements. c. As of December 31, Taylor had earned $1,500 of charter revenue that has not been recorded or received. Date Accounts and Explanation Debit Credit (c) Dec. 31 d. Taylor's fishing boat was purchased on January 1 at a cost of $72,000. Taylor expects to use the boat for five years and that it will have a residual value of $2,000. Determine annual deprecia is used. Date Accounts and Explanation Debit Credit (d) Dec. 31 e. On October 1, Taylor received $5,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Taylor has completed the charter. (When the cash was recei Date Accounts and Explanation Debit Credit (e) Dec. 31 Taylor Fishing Charters has collected the following data for the December 31 adjusting entries: (Click the icon to view the data.) Read the requirements. e. On October 1, Taylor received $5,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Taylor has completed the charter. (When the cash was recei Date Accounts and Explanation Debit Credit (e) Dec. 31 Requirement 2. If Taylor had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be misstated and if the misstatement is overstate Begin by completing the table for adjustment a and then transactions b through e. Specific Category of Accounts on the Specific Category of Accounts on the Over/ Over/ Adjusting Entry Balance Sheet Understated Income Statement Understated (a) (b) (c) (d) the misstatement is overstated or understated. Requirement 2. If Taylor had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be misstated and Begin by completing the table for adjustment a and then transactions through e. Specific Category Specific Category of Accounts on the Over/ of Accounts on the Over/ Adjusting Entry Balance Sheet Understated Income Statement Understated (a) (b) (c) (d) (e) More info a. The company received its electric bill on December 20 for $275 but will not pay it until January 5. (Use the Utilities Payable account.) b. Taylor purchased a nine-month boat insurance policy on November 1 for $9,900. Taylor recorded a debit to Prepaid Insurance. C. As of December 31, Taylor had earned $1,500 of charter revenue that has not been recorded or received. d. Taylor's fishing boat was purchased on January 1 at a cost of $72,000. Taylor expects to use the boat for five years and that it will have a residual value of $2,000. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Taylor received $5,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Taylor has completed the charter. Print Done Requirements 1. Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assume Taylor records adjusting entries only at the end of the year. 2. If Taylor 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