Question

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

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. Account Debit Credit
201 Accounts payable and accrued liabilities $ 3,150
103 Accounts receivable $ 7,550
168 Accumulated depreciation, equipment 8,650
300 Becky Brenner, capital 41,550
301 Becky Brenner, withdrawals 35,800
101 Cash 11,600
194 Copyright 10,500
167 Equipment 33,000
633 Insurance expense 2,320
623 Interest expense 440
141 Notes receivable, due January 1, 2023 15,700
233 Long-term notes payable 27,000
610 Rent expense 12,150
402 Revenues 81,475
126 Supplies 325
637 Supplies expense 2,540
652 Telephone expense 2,950
203 Unearned revenues 12,300
688 Utilities expense 2,850
612 Wages expense 36,400
Totals $ 174,125 $ 174,125


The following is additional information that has not been included in the trial balance.

  1. On April 2, you received the telephone bill for the month of March for $580.
  2. 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.
  3. On March 31, the company held a teen’s camp for $2,480. All tickets had been prepaid two weeks in advance.
  4. The equipment has an estimated useful life of 20 years with no residual value at the end of its useful life. If you need to create a new account, use account number 606.

Use straight line method for depreciating Equipment.

The owner made an additional investment during the year of $19,000. A $6,600 payment on the long-term notes payable will be made during the year ended March 31, 2021.

1. Prepare an income statement for the year ended March 31, 2020.

2. Prepare a statement of changes in equity for the year ended March 31, 2020.

3. Prepare a classified balance sheet at March 31, 2020.


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Answer #1

Adjusted Trial balance Account Title Debit Credit Cash $ 11,600 Accounts receivable $ 10,750 7550+3200 Supplies $ 325 Notes r

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