ACCT 2399 - Accounting Cycle Connection Analysis Data Pioneer Industries reported an income of $122,000 for the year ended December 31, 2021. Ladd Jones, accounting clerk for Pioneer Industries, failed to record the following adjustments as of December 31, the company's fiscal year end, and these items were omitted from the 2021 financial statements 1. On October 1, 2021, Pioneer borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. The note was properly entered on October 1, 2021 2. On April 1, 2021, the company paid an insurance company $6,000 for a one-year fire insurance policy The entire $6,000 was properly debited to prepaid insurance on April 1, 2021. 3. A customer paid Pioneer $2,000 in November for 1,500 pounds of spaghetti that was delivered on December 28, 2021. Pioneer credited deferred sales revenue in November Required Create a Word document in which you prepare an analysis addressing the items listed below. a Briefly explain the steps in the accounting cycle b. Identify the purpose of adjusting entries and explain where this task occurs in the accounting cycle c Explain the impact that omitting the adjusting entnes listed above has on the financial statements for Pioneer Industries Be specific in identifying which areas of each statement would be impacted. d Identify what is reported on the income statement and balance sheet and how 69F Mostly cloudy 446 PSA 4/20/2002