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 201 Accounts payable and accrued liabilities Debit Credit $3,150 103 Accounts receivable $ 7,550 168 Accumulated depreciation, equipment 300 Becky Brenner, capital 8,650 41,550 301 Becky Brenner, withdrawals 35,800 101 Cash 11,600 194 Copyright 10,500 167 Equipment 33,000) 633 Insurance expense 2,320 623 Interest expense 440 141 Notes receivable, due January 1, 2026 15,700 250 Long-term notes payable 27,000 610 Rent expense 12,150 402 Revenues 81,475 126 Supplies 325 637 Supplies expense 2,540 2,950 652 Telephone expense 203 688 612 Unearned revenues Utilities expense Wages expense 12,300 2,850 36,400 Totals $174,125 $174,125 The following is additional information that has not been included in the trial balance. Activate Windows 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 $580. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $3,200 due April 30 c. On March 31, the company held a teen's camp for $2,480. 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 1 2 3 4 Record the accrual of telephone expense. Journal entry worksheet < 1 2 3 4 Record the accrual of telephone expense. Note: Enter debits before credits. Date Mar 31, 2023 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 2 3 4 Record accrued revenues. Note: Enter debits before credits. Date Mar 31, 2023 13 General Journal Debit Credit View general journal Record entry Clear entry Activate Journal entry worksheet < 2 3 4 Record amount of advance payment earned. Note: Enter debits before credits. Date Mar 31, 2023 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Record depreciation expense. Note: Enter debits before credits. Date Mar 31, 2023 General Journal Debit Credit Record entry Clear entry View general journal Activ Acct. Not ADVENTURE ELEMENTS Adjusted Trial Balance March 31, 2023 Account Debit Credit 101 Cash 103 Accounts receivable 126 Supplies 141 167 168 Notes receivable, due January 1, 2023 Equipment Accumulated depreciation, equipment 194 Copyright 201 Accounts payable 203 Unearned revenues 250 Long-term notes payable 300 301 402 606 610 Becky Brenner, capital Becky Brenner, withdrawals Revenues Depreciation expense, equipment Rent expense 612 Wages expense 623 Interest expense 332 Act 168 194 Accumulated depreciation, equipment 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 623 Interest expense 633 Insurance expense 637 Supplies expense 652 Telephone expense 688 Utilities expense Totals 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries View transaction list Journal entry worksheet < 1 3 4 Record closing of revenue to the income summary. Note: Enter debits before credits. Date Mar 31, 2023 General Journal Debit Credit Activate Wind 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries. View transaction list Journal entry worksheet < 2 3 4 Record the closing of expense accounts to income summary. Note: Enter debits before credits. Date Mar 31, 2023 General Journal Debit Credit 4 > Help 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries. View transaction list Journal entry worksheet < 1 2 3 4 Record the closing of income summary to capital. Note: Enter debits before credits. Date Mar 31, 2023 L General Journal Debit Credit Activ 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries. View transaction list Journal entry worksheet < 1 2 3. Record the closing withdrawals to capital. Note: Enter debits before credits, Date Mar 31, 2023 General Journal Debit Credit > Activate