Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure.

You are the accounting manager. Your staff submitted the following trial balance for the year ended March 31, 2020. In your review, you discover the following additional information that has not been included in the trial balance.

a. On April 2, you received the telephone bill for the month of March for $365.

b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,250 due April 30.

c. On March 31, the company held a teen?s camp for $1,840. All tickets had been prepaid two weeks in advance.

d. The equipment has an estimated useful life of 20 years. If you need to create a new account, use account number 606.

Required

1. Prepare the missing adjusting entries for transactions a?d.

2. Prepare an adjusted trial balance.

3. Based on your adjusted trial balance, prepare the closing entries.

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No. Account Debit Credit $ 15,300 101 Cash Current investments. 104 20,300 126 Supplies. 6,900 149 Notes receivable. 38,500 Equipment. Accumulated depreciation, equipment. 167 71,000 $ 34,500 168 173 Building. 253,000 Accumulated depreciation, building. 174 137,500 Land. 183 82,500 193 Franchise. 27,500 Accounts payable. 201 16,300 Interest payable. 203 120 233 Unearned professional revenue. 26,300 251 Long-term notes payable. 125,000 Amar Lloyd, capital. 85,640 301 302 Amar Lloyd, withdrawals. 2,300 Professional revenue. 199,480 401 406 Rent revenue.. Depreciation expense, building. Depreciation expense, equipment. Wages expense.. 22,500 606 19,300 7,300 612 63,300 623 540 633 Interest expense 17,300 637 Insurance expense Supplies expense Telephone expense. 652 12,100 688 3,700 Utilities expense. 690 6,500 $647,340 $647,340 Totals