Yeditepe University

Dr. Mge Tiryakiolu

AFN 132 Principles of Financial Accounting
Homework II

Problem
The adjusted trial balance of the Rachel Company Inc. are as follows.

Instructions
1.
2.
3.
4.

Prepare an income statement, a retained earnings statement and a classified balance sheet. (Note:
$9,000 of notes payable become due in 2012.)
Prepare the closing entries.
Post the closing entries.
Prepare a post-closing trial balance.

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