Question: Please check my work and help with questions 3-7 please! Talbot Riding Stables provides stables, care for animals, and grounds for riding and showing horses.
Please check my work and help with questions 3-7 please!


















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 14,200 Land 167,000 Wages Payable Buildings 115,000 Notes Payable (due in 2026) 60,000 Accumulated Depreciation (Buildings) 36,000 Common Shares 150,000 55,200 Equipment 57,000 Retained Earnings, 12/31/2021 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. 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 $7,200. 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 $5,500. 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. 1. 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. If no entry is required, select "No entry required" and leave the amount boxes blank. For a compound transaction, if those boxes in which no entry is required, leave the box blank. Enter amounts in the same order as given in the list of transactions. a. Accounts Receivable 210,300 Service Revenue 210,300 (Record earned revenue) Cash 62,300 Service Revenue 62,300 (Record earned revenue) b. Cash 199,100 Accounts Receivable 199,100 (Record collection of accounts) C. Supplies Expense 62,900 Accounts Payable 62,900 (Record purchase of supplies on credit) d. Supplies Inventory 7,400 Cash 7,400 (Record cash purchase of supplies) Wages Payable 14,200 Cash 14,200 (Record payment of prior wages owed) Wages Expense 112,000 Cash 112,000 (Record payment to employees) f. Income Tax Payable 15,100 Cash 15,100 (Record payment of income tax) g. Accounts Payable 73,000 Cash 73,000 (Record payment on account) h. 2,700 Interest Expense Interest Payable 2,700 Cash 5,400 (Record payment of interest) i. No entry required Cash 17,000 j. 17,000 Property Taxes Expense No entry required (Record payment of property taxes) k. Dividends Declared 7,200 Cash 7,200 (Record payment of dividends declared) 2. Prepare the adjustments and post the adjustments to the T-accounts. Note: For the T-accounts, be sure to complete the posting requirements from part 1 first. Dec. 31 67,700 Supplies Expense Supplies 67,700 (Record use of feed supplies) Dec. 31 6,000 Depreciation Expense (Building) Accumulated Depreciation (Building (Record depreciation on building) 6,000 Dec. 31 5,500 Depreciation Expense (Equipment) Accumulated Depreciation (Equipment) (Record depreciation on equipment) 5,500 Dec. 31 4,000 Wages Expense Wages Payable 4,000 2,700 Dec. 31 Interest Expense Interest Payable (Record unpaid interest on note) 2,700 16,500 Dec. 31 Income Tax Expense Income Tax Payable (Record income tax expense) 16,500 Enter amounts in the same order as given in the journal entries above. Cash Bal. (a) 2,200 (d) 62,300(e) 199,100 (2) 7,400 14,200 112,000 (b) (f) (9) 15,100 73,000 5,400 (h) 6) 17,000 7,200 (k) Bal. 12,300 Accounts Receivable Bal. 4,400 (6) 199,100 (a) 210,300 Bal. 15,600 Supplies Bal. 27,800 || AE 67,700 (c) 62,900 (d) 7,400 Bal. 30,400 Land Bal. 167,000 Bal. 167,000 Buildings Bal. 115,000 Accum. Depr. (Buildings) Bal. 36,000 6,000 AE Bal. 42,000 Equipment Bal. 57,000 Bal. 57,000 Accum. Depr. (Equipment) Bal. 16,500 AE 5,500 Bal. 22,000 Accounts Payable (9) 73,000 Bal. 23,700 (c) 62,900 Bal. 13,600 Income Tax Payable (f) 15,100 Bal. 15,100 AE 16,500 Bal. 16,500 Interest Payable 2,700 Bal. (h) 2,700 AE 2,700 Bal. 2,700 Wages Payable (e) 14,200 Bal. 14,200 AE 4,000 Notes Payable Bal. 60,000 Bal. 60,000 Common Shares Bal. 150,000 Bal. 150,000 Retained Earnings Bal. 55,200 Bal. 55,200 Dividends Declared (k) 7,200 Bal. 7,200 Service Revenue (a) 210,300 (a) 62,300 Bal. 272,600 Wages Expense (e) 112,000 AE 4,000 Bal. 116,000 Interest Expense (h) 2,700 AE 2,700 Bal. 5,400 Property Tax Expense 17,000 6) Bal. 17,000 Supplies Expense 67,700 AE Bal. 67,700 Depreciation Expense AE 6,000 AE 5,500 Depreciation Expense AE 6,000 AE 5,500 Bal. 11,500 Income Tax Expense 16,500 AE Bal. 16,500 Talbot Riding Stables Statement of Earnings For the Year Ended December 31, 2022 Service revenue Expenses: Wages expense Supplies expense 4. Prepare a statement of retained earnings. Talbot Riding Stables Statement of Retained Earnings For the Year Ended December 31, 2022 5. Prepare a classified statement of financial position. Talbot Riding Stables Statement of Financial Position December 31, 2022 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Shareholders' Equity shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity 6. Prepare closing entries. For those boxes in which no entry is required, leave the box blank. Dec. 31 6. Prepare closing entries. For those boxes in which no entry is required, leave the box blank. Dec. 31 (Close revenue account) Dec. 31 (Close expense accounts) Dec. 31 (Close Income Summary) Dec. 31 (Close Dividends Declared account) 7. CONCEPTUAL CONNECTION: Did you include transaction i among Talbot's 2022 journal entries? Why or why not? The input in the box below will not be automatically graded, but may be reviewed and considered by your instructor
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