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		Debit			Credit
201	Accounts payable and accrued liabilities				$	2,800
103	Accounts receivable	$	7,400
168	Accumulated depreciation, equipment					10,500
300	Becky Brenner, capital					39,900
301	Becky Brenner, withdrawals		35,700
101	Cash		10,350
194	Copyright		7,800
167	Equipment		40,400
633	Insurance expense		1,890
623	Interest expense		185
141	Notes receivable, due January 1, 2023		11,100
250	Long-term notes payable					20,900
610	Rent expense		10,700
402	Revenues					81,035
126	Supplies		330
637	Supplies expense		2,780
652	Telephone expense		2,150
203	Unearned revenues					15,600
688	Utilities expense		2,550
612	Wages expense		37,400
	Totals	$	170,735		$	170,735

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

1. On April 2, you received the telephone bill for the month of March for $460.
2. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,800 due April 30.
3. On March 31, the company held a teens camp for $2,000. All tickets had been prepaid two weeks in advance.
4. 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.