5 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. The following is trial balance for the year ended March 31, 2020. Debit Credit $4,500 6 6,200 201 103 168 300 301 101 194 6,250 44,300 40,300 10, 750 11,350 23,400 2,660 167 525 633 623 141 250 610 402 Account Accounts payable and accrued liabilities Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawala Cash Copyright Equipment Insurance expense Intereat expense Notes receivable, due January 1, 2023 Long-term notes payable Rent expense Revenues Supplies Supplies expense Telephone expense Unearned revenues Utilities expense Wages expense Totals 126 637 652 203 688 612 10.900 18,500 9,800 74,070 475 2,580 2,980 13,800 2,500 37,000 6161, 420 6161, 420 The following is 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. Use straight line method for depreciating Equipment. Required: 1. Prepare the missing adjusting entries for transactions a-d. View transaction list Journal entry worksheet 688 612 Utilities expense Wages expense Totals 3.000 $161.420 $161, 420 The following is 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 f- 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. Use straight line method for depreciating Equipment. Required: 1. Prepare the missing adjusting entries for transactions a-d. View transaction list X Record the accrual of telephone expense. > 2 Record accrued revenues. 3 Record amount of advance payment earned. 4 Record depreciation expense. Credit 2. Prepare an adjusted trial balance. Debit Credit Acct. No 101 103 126 141 167 168 194 201 203 250 300 301 402 606 610 612 ADVENTURE ELEMENTS Adjusted Trial Balance March 31, 2020 Account Cash Accounts receivable Supplies Notes receivable, due January 1, 2023 Equipment Accumulated depreciation, equipment Copyright Accounts payable Unearned revenues Long-term notes payable Becky Brenner, capital Becky Brenner, withdrawals Revenues Depreciation expense, equipment Rent expense Wages expense Interest expense Insurance expense Supplies expense Telephone expense Utilities expense Totals 623 633 637 652 688 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries. View transaction list 1 Record closing of revenue to the income summary. 2 Record the dosing of expense accounts to income summary 3 Record the dosing of income summary to capital. 4 Record the closing withdrawals to capital. Credit Note : journal entry has been entered Record entry Clear entry View general journal