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. No. Account 201 Accounts payable and accrued liabilities 103 Accounts receivable 168 300 301 101 Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals Cash 194 Copyright 167 Equipment 633 Insurance expense 623 Interest expense 141 250 Notes receivable, due January 1, 2023 Long-term notes payable 610 Rent expense 402 Revenues 126 Supplies 637 Supplies expense 652 Telephone expense 203 Unearned revenues 688 612 Utilities expense Wages expense Totals Debit Credit $ 3,900 $ 8,000 8,100 46,200 37,800 11,500 10,950 30,800 2,720 455 11,700 26,500 10,000 79,595 710 2,180 2,700 17,100 2,480 49,400 $181,395 $181,395 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 $670. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $2,250 due April 30. c. On March 31, the company held a teen's camp for $1,570. 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 > 12 34 Record the accrual of telephone expense. Note: Enter debits before credits. Date Mar 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal 2. Prepare an adjusted trial balance. ADVENTURE ELEMENTS Adjusted Trial Balance March 31, 2020 Acct. No Account 101 Cash 103 Accounts receivable 126 Supplies 141 167 Notes receivable, due January 1, 2023 Equipment 168 Accumulated depreciation, equipment 194 Copyright 201 Accounts payable 203 Unearned revenues 250 Long-term notes payable 300 Becky Brenner, capital 301 Becky Brenner, withdrawals 402 Revenues 606 Depreciation expense, equipment 610 Rent expense 612 Wages expense Interest expense 633 Insurance expense 637 Supplies expense 652 Telephone expense 688 Utilities expense Totals $ Debit Credit 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries. View transaction list Journal entry worksheet > 2 34 Record closing of revenue to the income summary. Note: Enter debits before credits. Date Mar 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal