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Talbot Riding Stables provides stables, care for animals, and grounds for riding and showing horses. The account balances at the beginning of 2022 were: Cash S2,200 Accounts Payable 23,700 Accounts Receivable 4,400 Income Tax Payable 15.100 Supplies (Feed and Straw) 27,800 Interest Payable 2.700 Land 167.000 Wages Payable 14,200 Buildings 115.000 Notes Payable (due in 2026) 60,000 Accumulated Depreciation (Buildings) 36,000 Common Shares 150,000 Equipment 57.000 Retained Earnings 12/31/2021 55.200 Accumulated Depreciation Equipment) 16.500 During 2022, the following transactions occurred: a. Talbot provided animal care services, all on credit, for $210,300. Talbot rented stables to customers for S20,500 cash. Talbot rented its grounds to individual riders, groups and show organizations for S41.800 cash. b. There remains $15.600 of accounts receivable to be collected at December 31, 2022. cFeed in the amount of 562,900 was purchased on credit and debited to the supplies account. d. Straw was purchased for 57,400 cash and debited to the supplies account. 4. Wages payable at the beginning of 2022 were paid early in 2022. Wages were earned and paid during 2022 in the amount of $112,000. f. The income tax payable at the beginning of 2022 was paid early in 2022 & Payments of 573.000 were made to creditors for supplies previously purchased on credit h. One year's interest at 9% was paid on the notes payable on July 1, 2022. i During 2022, Jon Talbot, a principal shareholder, purchased a horse for his wife, Jennifer, to ride. The horse cost 57.000, and Talbot used his personal credit to purchase it. j. Property taxes were paid on the land and buildings in the amount of $17.000 k. Dividends were declared and paid in the amount of S7,200. The following data are available for adjusting entries: Supplies (feed and straw) in the amount of $30.400 remained unused at year-end, Annual depreciation on the buildings is $6,000 Annual depreciation on the equipment is 55.500. Wages of $4,000 were unrecorded and unpaid at year-end . Interest for six months at 9% per year on the note is unpaid and unrecorded at year-end, Income taxes of $16,500 were unpaid and unrecorded at year-end Required: Post the 2022 beginning balances to T-accounts. Prepare journal entries for transactions a through k and post the journal entries to T-accounts, adding any new T-accounts you need 2. Prepare the adjustments and post the adjustments to the T-accounts, adding any new T-accounts you need Prepare a statement of earnings Prepare a statement of retained earnings. Prepare a classified statement of financial position. 6. Prepare closing entries. 1. CONCEPTUAL CONNECTION Did you include transaction / among Talbot's 2022 journal entries? Why or why not
