please answer in excel

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. IfTaylor 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 More info a a. The company received its electric bill on December 20 for $300 but will not pay it until January 5. (Use the Utilities Payable account.) b. Taylor purchased a six-month boat insurance policy on November 1 for $3,600. Taylor recorded a debit to Prepaid Insurance. c. As of December 31, Taylor had earned $5,000 of charter revenue that has not been recorded or received. d. Taylor's fishing boat was purchased on January 1 at a cost of $58,000, Taylor expects to use the boat for five years and that it will have a residual value of $3,000. 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 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, then credits. Select the explanation on the last line of the joumal entry table.) a. The company received its electric bill on December 20 for $300 but will not pay it until January 5. (Use the Utilities Payable account.) Data Accounts and Explanation Debit Credit (a) Deo. 31 b. Taylor purchased a six-month boat insurance policy on November 1 for $3,600. Taylor recorded a debit to Prepaid Insurance. Debit Credit Date Accounts and Explanation (6) Dec 31 C. As of December 31, Taylor had eamed $5,000 of charter revenue that has not been recorded or received. Accounts and Explanation Dobit Credit Date (c) Dec. 31 d. Taylor's fishing boat was purchased on January 1 at a cost of $58,000. Taylor expects to use the boat for five years and that it will have a residual value of $3,000. Determine annual depreciation assuming the straight-line depreciation method 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 received, assume that a liability account was credited) Accounts and Explanation Credit (6) Dec. 31 Date Debit 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 overstated or understated. Begin by completing the table for adjustment a and then transactions through e. Specific Category of Specific Category Adjusting Accounts on the Over/ of Accounts on the Over/ Entry Balance Sheet Understated Income Statement Understated (a) b (6) (c) Specmic Category of Accounts on the Balance Sheet Over/ Adjusting Entry Specific Category of Accounts on the Income Statement Over/ Understated Understated (a) (b) (c) (d) (e)