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, 2023.

No.	Account		Debit			Credit
201	Accounts payable and accrued liabilities				$	3,600
103	Accounts receivable	$	5,600
168	Accumulated depreciation, equipment					8,250
300	Becky Brenner, capital					49,650
301	Becky Brenner, withdrawals		37,500
101	Cash		9,700
194	Copyright		6,600
167	Equipment		31,400
633	Insurance expense		2,140
623	Interest expense		400
141	Notes receivable, due January 1, 2026		12,800
250	Long-term notes payable					28,200
610	Rent expense		8,150
402	Revenues					72,455
126	Supplies		725
637	Supplies expense		1,940
652	Telephone expense		2,230
203	Unearned revenues					12,000
688	Utilities expense		2,570
612	Wages expense		52,400
	Totals	$	174,155		$	174,155

The following is additional information that has not been included in the trial balance.

On April 2, you received the telephone bill for the month of March for $725.

On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,200 due April 30.

On March 31, the company held a teens camp for $2,080. All tickets had been prepaid two weeks in advance.

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 ad.

2. Prepare an adjusted trial balance.

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