Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a...

    

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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. 201 Account Debit Credit $ 3,150 Accounts payable and accrued liabilities Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals Cash 103 $7,550 168 8,650 41,550 300 301 35,800 11,600 10, S00 33,000 2,320 440 101 194 Copyright Equipment Insurance expense Interest expense Notes receivable, due January 1, 2023 Long-term notes payable Rent expense Revenues 167 633 23 141 15,700 250 27,000 610 12,150 402 81,475 Supplies Supplies expense Telephone expense Unearned revenues utilities expense 126 325 2,540 2,950 637 652 203 12,300 2,850 36,400 688 612 Wages expense Totals $174,125 $174,125 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 $2,480. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years. Use straight line method for depreciating Equipment Required: 1. Prepare the missing adjusting entries for transactions a-d. 2. Prepare an adjusted trial balance. Alustd Tral March 31, 2020 Acct. No Account Debit Credit Cash Accounts receivable 101 103 Supplies Notes receivable, due January 1, 2023 Equipmen Accumulated depreciation, equipment Copyright Accounts payable 126 141 167 168 194 201 203 Unearned revenues Long-term notes payable Becky Brenner, capital Becky Brenner, withdrawals 250 300 301 402 Revenues Depreciation expense, equipment Rent expense Wages expense 606 610 612 103 Accounts receivable Supplies Notes receivable, due January 1, 2023 Equipment Accumulated depreciation, equipment Copyright Accounts payable 126 141 167 168 194 201 203 Unearned revenues Long-term notes payable Becky Brenner, capital Becky Brenner, withdrawals Revenues 250 300 301 402 Depreciation expense, equipment Rent expense Wages expense Interest expense Insurance expense 606 610 612 623 633 Supplies expense Telephone expense Utilities expense 637 652 688 Totals 2$ 이 $ 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries. 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. 201 Account Debit Credit $ 3,150 Accounts payable and accrued liabilities Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital Becky Brenner, withdrawals Cash 103 $7,550 168 8,650 41,550 300 301 35,800 11,600 10, S00 33,000 2,320 440 101 194 Copyright Equipment Insurance expense Interest expense Notes receivable, due January 1, 2023 Long-term notes payable Rent expense Revenues 167 633 23 141 15,700 250 27,000 610 12,150 402 81,475 Supplies Supplies expense Telephone expense Unearned revenues utilities expense 126 325 2,540 2,950 637 652 203 12,300 2,850 36,400 688 612 Wages expense Totals $174,125 $174,125 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 $2,480. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years. Use straight line method for depreciating Equipment Required: 1. Prepare the missing adjusting entries for transactions a-d. 2. Prepare an adjusted trial balance. Alustd Tral March 31, 2020 Acct. No Account Debit Credit Cash Accounts receivable 101 103 Supplies Notes receivable, due January 1, 2023 Equipmen Accumulated depreciation, equipment Copyright Accounts payable 126 141 167 168 194 201 203 Unearned revenues Long-term notes payable Becky Brenner, capital Becky Brenner, withdrawals 250 300 301 402 Revenues Depreciation expense, equipment Rent expense Wages expense 606 610 612 103 Accounts receivable Supplies Notes receivable, due January 1, 2023 Equipment Accumulated depreciation, equipment Copyright Accounts payable 126 141 167 168 194 201 203 Unearned revenues Long-term notes payable Becky Brenner, capital Becky Brenner, withdrawals Revenues 250 300 301 402 Depreciation expense, equipment Rent expense Wages expense Interest expense Insurance expense 606 610 612 623 633 Supplies expense Telephone expense Utilities expense 637 652 688 Totals 2$ 이 $ 3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries.