Comprehensive Problem: Reviewing the Accounting Cycle Talbot Riding Stables provides stables, care for animals, and grounds...

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Comprehensive Problem: Reviewing the Accounting Cycle 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 $2,200 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 $20,500 cash. Talbot rented its grounds to individual riders, groups, and show organizations for $41,800 cash. b. There remains $15,600 of accounts receivable to be collected at December 31, 2022. c. Feed in the amount of $62,900 was purchased on credit and debited to the supplies account. d. Straw was purchased for $7,400 cash and debited to the supplies account. e. 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. g. Payments of $73,000 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 $7,000, and Talbot used his personal credit to purchase it. Comprehensive Problem: Reviewing the Accounting Cycle 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 $2,200 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 $20,500 cash. Talbot rented its grounds to individual riders, groups, and show organizations for $41,800 cash. b. There remains $15,600 of accounts receivable to be collected at December 31, 2022. c. Feed in the amount of $62,900 was purchased on credit and debited to the supplies account. d. Straw was purchased for $7,400 cash and debited to the supplies account. e. 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. g. Payments of $73,000 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 $7,000, and Talbot used his personal credit to purchase it.