Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assume Taylor records adjusting...

 

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Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assume Taylor records adjusting entries cnly 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 Utilises Payable account.) Date Accounts and Explanation Debit Credit (a) Dec. 31 O More Info a. The company received its electric bill on December 20 for $150 but will not pay it until January 5. (Use the Usities Payable account) b. Taylor purchased a three-month boat insurance policy on November 1 for $1,200. Taylor recorded a debit to Prepaid Insurance. c. As of December 31. Tayior had earned S4.000 of charter revenue that has not To record payment of accrued expense been recorded or received. d. Taylor's fishing boat was purchased on January 1at a cost of 549.000. Taylor expects to use the boat for five years and that it will have a residual value of $4.000. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Taylor received $4,000 prepayment for a deep-sea fishing charter to take plsce in December. As of December 31. Taylor has completed the charter Print Done Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assume Taylor records adjusting entries cnly 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 Utilises Payable account.) Date Accounts and Explanation Debit Credit (a) Dec. 31 O More Info a. The company received its electric bill on December 20 for $150 but will not pay it until January 5. (Use the Usities Payable account) b. Taylor purchased a three-month boat insurance policy on November 1 for $1,200. Taylor recorded a debit to Prepaid Insurance. c. As of December 31. Tayior had earned S4.000 of charter revenue that has not To record payment of accrued expense been recorded or received. d. Taylor's fishing boat was purchased on January 1at a cost of 549.000. Taylor expects to use the boat for five years and that it will have a residual value of $4.000. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Taylor received $4,000 prepayment for a deep-sea fishing charter to take plsce in December. As of December 31. Taylor has completed the charter Print Done

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