Question

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, 2017.

No.		Account	Debit			Credit
201		Accounts payable and accrued liabilities				$	3,300
103		Accounts receivable	$	9,150
168		Accumulated depreciation, equipment					7,150
300		Becky Brenner, capital					37,050
301		Becky Brenner, withdrawals		32,500
101		Cash		9,750
194		Copyright		7,100
167		Equipment		27,000
633		Insurance expense		2,780
623		Interest expense		560
141		Notes receivable, due January 1, 2017		12,400
233		Long-term notes payable					26,100
610		Rent expense		10,950
402		Revenues					68,435
126		Supplies		685
637		Supplies expense		2,710
652		Telephone expense		2,450
203		Unearned revenues					16,300
688		Utilities expense		2,700
612		Wages expense		37,600
		Totals	$	158,335		$	158,335

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 $535.
b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,100 due April 30.
c. On March 31, the company held a teen’s camp for $1,540. All tickets had been prepaid two weeks in advance.
d. The equipment has an estimated useful life of 20 years.

Required:
1. Prepare the missing adjusting entries for transactions a–d. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)



2. Prepare an adjusted trial balance.



3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)