Acct225, Project 2, Valley BikesWelcome to Project 2 where you will be completing the Accounting Cycle for Valley Bikes, a merchandising business. It is the purpose of Project 2 to review what you learned in Chapters 12 through 15, Part 3 of Sage 50 for Merchandising Businesses. Accounts payable, accounts receivable, payroll, inventory transactions, and account reconciliation are included in this project. Vendors offer Valley Bikes a purchase discount of 2% 15, Net 30 days. Valley Bikes is located in Oregon where there is no sales tax.Course Objective #5: Use an accounting software package to produce financial and managerial reports and explain the usefulness of each report.O5.7: Report Quarterly Activites and Close the Fiscal Year.Instructions:Locate Project 2, Valley Bikes,in your textbook pages 597-613. In Project 2 you will complete the Computer Accounting Cycle for Valley Bikes.Beginning on page 597, the textbook will walk you step-by-step through the process and Accounting activities for setting up a Merchandising Business. To assist you with your progress please complete the checklist on page 614 of your textbook and submit your answers upon completion of the project in the questions below.This project is worth 50 points.