125% T View Zoom Add Category Insert Table Chart Text Shape Media Comment Collaborate Format Organize Part II TB T-accounts Journal Entries & Trial Balance Part I Chapter 2 Homework Part II Using the adjusted trial balance from homework part I (see next sheet in red): 1. Prepare the necessary closing entries at December 31, year 1. 2. Prepare an income statement for the year ended December 31, year 1, and a classified balance sheet as of December 31, year 1. Template 1: Beginning Ending retained Net retained General Journal (closing entries) earnings Income earnings Date Account title and explanation Debit Credit T$ Template 2: Follow example in Chapter 2 Exercise Power Point, Exercise 2-12, pages 31 and 32 Income Statement For the year ended December 31, year 1 Balance Sheet December 31, year 1 Assets Current Assets125% T View Zoom Add Category Insert Table Chart Text Shape Media Comment Collaborate Format Organize Part II TB T-accounts Journal Entries & Trial Balance Part I Balance Sheet December 31, year 1 Assets: Current Assets: Total current assets Non-current assets: Total assets Liabilities and shareholder's equity Current liabilities: Total current liabilities Long-term liabilities Total liabilities Shareholder's equity: Total shareholder's equity Total liabilities and shareholder's equity should be zero