CHECK FOLRES Lasting the fund aral bulance in Problem II mu ne they ended December 312120, and the card balance sheet Anabis Component Why must liabilities be separated on the balance sheet between What effect would it have had on Lloyd's balance sheet if the long term new Adventure Elements provides outdoor activities including ropes courses, rock climbine w Problem 4-84 Adjusting entries and closing entries LO2. 3,5 company offers a unique experience for team building activities, camps for youth, anda CH adventure Det Cru NO $4500 $ 5200 Ar 250 40,300 10.750 11.350 23.400 2.560 525 Account 201 Accounts payable and accruedas 103 Accounts receive TS Accumulated depreciation equipment 300 Becky Bennet capital 301 Bec Brenner withdrawal 101 Cah 194 Copyright 167 Eument 633 Insurance expense 623 interest expense 233 Long term cotes payable Notes receivable, due January 1, 2023 610 Rent expense 402 Revenues 126 Supplies 637 Supplies expense 652 Telephone expense 203 Uneamed revenues 688 Unities expense 612 Wages expense. Total 18500 10.900 9.800 74070 475 2.580 2.980 13.30 2.500 37.000 $161.420 $161420 You are the accounting manager. Your staff submitted the following trial balance for the year ended Matt 2020. In your review, you discover the following additional information that has not been included in trial balance 1. On April 2, you received the telephone bill for the month of March for $365. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to be student club for $4,250 due April 30. c. On March 31, the company held a teen's camp for $1,840. All tickets had been prepaid two weeks a advance d. The equipment has an estimated useful life of 20 years. If you need to create a new account, use account number 606 292 CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Required 1. Prepare the missing adjusting entries for transactions a-d. 2. Prepare an adjusted trial balance. 3. Based on your adjusted trial balance, prepare the closing entries. Problem 4-9A Financial statements LO6 CHECK FIGURES: Profit = $20,580; Total assets = $59,905 Based on the adjusted trial balance prepared in Problem 4-8A, prepare an income statement and a statement of changes in equity for the year ended March 31, 2020, and a classified balance sheet at March 31, 2020. The owner made an additional investment during the year of $12,000. A $3,800 payment on the long-term notes payable will be made during the year ended March 31, 2021. Analysis Component: Why might Adventure Elements be tempted to report the notes receivable as a current asset on the March 31, 2020, balance sheet
