Taylor Fishing Charters has collected the following data for the December 31 adjusting entries: View the data. Read the requirements. Re ex a. (a) b. (b Requirements 1. Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assume Taylor Fishing Charters records adjusting entries only at the end of the year. 2. If Taylor Fishing Charters 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 - X Done ume Taylor e Utilities P r Fishing CH c. As of December 31, Taylor Fishing Charters had earned $500 of charter revenue that has not been recorded or rece Date Accounts and Explanation Debit Credit (c) Dec. 31 Data 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 Fishing Charters purchased a nine-month boat insurance policy on November 1 for $1,800. Taylor Fishing Charters recorded a debit to Prepaid Insurance. c. As of December 31, Taylor Fishing Charters had earned $500 of charter revenue that has not been recorded or received. d. Taylor Fishing Charters' fishing boat was purchased on January 1 at a cost of $72,000. Taylor Fishing Charters expects to use the boat for ten 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 Fishing Charters received $4,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Taylor Fishing Charters has completed the charter. Print - X Done Select the

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Please help with a and b

The Yellow Company made year-end adjusting entries affecting each of the following accounts: Office Salaries Payable (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance (credited). Which account is likely to appear in Yellow's reversing entries? a. Office salaries payable b. Depreciation expense c. Unearned rental revenue d. Prepaid insurance

1. What is the net overstatement/(understatement) of KnK for the year ended December31, 2022? 2. What adjusting entry is necessary to correct KnK’s financial statements for the yearended Dec 31, 2022 ?

The Yellow Canoe Company made year-end adjusting entries affecting each of the following accounts: InterestRevenue (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance(credited). Which account is likely to appear in Yellow Canoe’s reversing entries?a. Depreciation Expenseb. Interest Revenuec. Prepaid Insuranced. None of these answer choices is correct.

The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31. 1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock’s depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits Prepaid Insurance. 4. On September 1, 2021, the company borrows $20,000 from a local bank and signs a note. Principal and interest at 12% will be paid on August 31, 2022. 5. At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand.Required: Record the necessary adjusting entries on…

Among other things, the trial balance of Ashanti, Inc., at December 31, 2023 includesPrepaid Insurance of $7,500. Examination of the company’s records shows that an adjustment should be made to the Prepaid Insurance account for the following reason: of the $7,500 of Prepaid Insurance in the trial balance, $2,500 is for insurance coverage during the months after December 31, 2023. Which of the following is the correct adjusting entry?  Debit Prepaid Insurance $7,500; credit Insurance Expense $7,500. Debit Prepaid Insurance $2,500; credit Insurance Expense $2,500. Debit Prepaid Insurance $5,000; credit Insurance Expense $5,000. Debit Insurance Expense $5,000; credit Prepaid Insurance $5,000. Debit Insurance Expense $2,500; credit Prepaid Insurance $2,500. Debit Insurance Expense $7,500; credit Prepaid Insurance $7,500.

Please help with the requirements. Thank you