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.

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 $460.

B. 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.

C. On March 31, the company held a teens camp for $2,000. 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.

No. 201 103 168 300 301 101 194 167 633 623 141 250 610 402 126 637 652 203 688 612 Account Accounts payable and accrued liabilities Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals Cash Copyright Equipment Insurance expense Interest 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 Debit Credit $ 2,800 $ 7,400 10, 500 39,900 35,700 10,350 7,800 40,400 1,890 185 11,100 20,900 10,700 81,035 330 2,780 2,150 15,600 2,550 37,400 $170,735 $170,735 Journal entry worksheet 1 2 3 4 Record the accrual of telephone expense. Note: Enter debits before credits. Debit Credit General Journal Date Mar 31, 2020 View general journal Clear entry Record entry 2. Prepare an adjusted trial balance. Debit Credit ADVENTURE ELEMENTS Adjusted Trial Balance March 31, 2020 Acct. No Account 101 Cash 103 Accounts receivable 126 Supplies 141 Notes receivable, due January 1, 2023 167 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 623 Interest expense 633 Insurance expense 637 Supplies expense 652 Telephone expense 688 Utilities expense Totals $ 0 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries View transaction list Journal entry worksheet