No. 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. Account Debit Credit 201 Accounts payable and accrued liabilities $4,200 103 Accounts receivablo $ 8,400 168 Accumulated depreciation, equipment 7.400 300 Becky Brenner, capital 48.750 301 Becky Brenner, vithdrawals 35,000 101 Cash 10, 250 194 Copyright 9,050 167 Equipment 28,000 633 Insurance expense 2.340 623 Interest expense 320 141 Notes receivable, due January 1, 2023 12.100 250 Long-term notes payable 27.300 610 Rent expense 7,600 402 Revenues 74.155 126 Supplies 335 637 Supplies expense 2, 770 652 Telephone expense 2,390 203 Unearned revenues 10. 200 888 Utilities expense 2.450 612 Wages expense 51,000 Totals $ 172,005 $172,005 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 $505. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $1.860 due April 30. c. On March 31, the company held a teen's camp for $2,050. 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 1 Record the accrual of telephone expense. > 2 Record accrued revenues. 3 Record amount of advance payment earned. 4 Record depreciation expense. Credit Note : = journal entry has been entered Record entry Clear entry View general journal 2. Prepare an adjusted trial balance. Debit Credit Acct. No 101 103 126 141 167 168 194 201 203 250 300 301 402 606 610 612 623 633 637 652 688 ADVENTURE ELEMENTS Adjusted Trial Balance March 31, 2020 Account Cash Accounts receivable Supplies Notes receivable, due January 1, 2023 Equipment Accumulated depreciation, equipment Copyright Accounts payable Unearned revenues Long-term notes payable Becky Brenner, capital Becky Brenner, withdrawals Revenues Depreciation expense, equipment Rent expense Wages expense Interest expense Insurance expense Supplies expense Telephone expense 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 2 3 4 > Record closing of revenue to the income summary. Note: Enter debits before credits. General Journal Debit Credit Date Mar 31, 2020 Record entry Clear entry View general journal