I am getting highly confused and really need help.

Best Bicycles Inc. Accounting Cycle Case Instructions The objective of this accounting cycle case is to prepare and post December journal entries to Best Bicycle, Inc.'s general ledger, prepared a trial balance, balance sheet, and income statement as of December 31, 2011. Then you are to prepare and post a closing entry and a post closing trail balance, You will note this excel worksheet has various tabs at the bottom to the page. Each tab represents a separate worksheet. To access each worksheet, click on the desired tab. To start this project, go to the transactions tab and prepare journal entries to record each of these transactions. Rerecord each journal entry on the journal entry tab. Next, post the journal entries to the general ledger located on the general ledger tab. After all entries have been posted to the general ledger, prepare a trail balance on the trial balance tab. Be sure the trial balance is in balance, that the total debits equal the total credits. Do not proceed to the next step until the trial balance balances, Prepare a balance sheet and income statement from the trial balance using the balance sheet and income statement tabs, Remember that you will need to include the net income or loss from your income statement in the retained earnings balance on the balance sheet for it to balance. Next prepare and post closing entries to the general ledger. The final step is to prepare a post closing trail balance. This should be done on the post closing trial balance tab. This trial balance should also be balanced. Once you have done this and see that it balances, you have completed the project. Congratulations. Best Bicycles, Inc. General leger CASH Date 11/30/2011 12/1/2011 12/4/2011 12/4/2011 12/15/2011 12/16/2011 12/18/2011 12/20/2011 12/31/2011 12/31/2011 Description Beginning balance Bicyle sold Rent paid Vendors paid Wages paid Account Receivable collected Cash sale of Bicycles Interest on Notes Payable Wages paid Principal note payable Date 11-31-2011 12/1/2011 12/16/2011 Description Beginning balance Bicycle sold Account Reveivable collected Date 11/30/2011 Description Beginning balance Date 11/30/2011 12/5/2011 12/1/2011 12/18/2011 Description Beginning balance Inventory Purchased Bicycle sold Bicycle sale Date 11/30/2011 Description Beginning balance Date 11/30/2011 12/31/2011 Description Beginning balance Depreciation on Equipment Date 11/30/2011 12/4/2011 12/5/2011 Description Beginning balance paid vendors Purchased inventory Date 11/30/2011 11/31/11 Description Beginning balance Principal payment Date 11/30/2011 Description Beginning balance Date 11/30/2011 Description Beginning balance Date 11/30/2011 Description Beginning balance Date 11/30/2011 12/1/2011 12/18/2011 Description Beginning balance Bicycle sold Bicycles sold Date 11/30/2011 12/1/2011 12/18/2011 Description Bicycle sold Bicycles sold Date 11/30/2011 12/4/2011 Rent paid Description Reference No Transactions Dr Cr Balance Dr 12,450.00 600.00 $600 $1,500 $1,960 $500 $1,400 $1,850 1,400.00 1,850.00 $50 $500 $1,000 ACCOUNTS RECEIVABLE Reference Transactions No Dr Cr 50.00 500.00 1,000.00 Balance Dr 1,125.00 600.00 600 1,400 PREPAID INSURANCE Reference Transactions No Dr Cr Cr 1,400.00 Balance Dr 100.00 INVENTORY Reference Transactions No Dr Cr Cr Balance Dr 24,621.00 1,800.00 1,800 900 1,400 EQUIPMENT Reference Transactions No Dr Cr ACCUMULATED DEPR. - EQUIPMENT Reference Transactions No Dr Cr Cr 900.00 1,400.00 Balance Dr 5,000.00 Cr Balance Dr 75 Cr 2,400.00 75.00 ACCCOUNTS PAYABLLE Reference Transactions No Dr Cr Balance Dr 2000 Cr 5,964.00 2,000.00 1,800 NOTE PAYABLE Reference Transactions No Dr Cr 1,800.00 Balance Dr 1000 Cr 10,000.00 1,000.00 COMMON STOCK Reference Transactions No Dr Cr Dr ADDITIONAL PAID IN CAPITAL Reference Transactions No Dr Cr Dr RETAINED EARNINGS Reference Transactions No Dr Cr Dr BICYCLE SALES Reference Transactions No Dr Cr Dr Balance RENT EXPENSE Reference Transactions No Dr Cr Balance Dr 16,500.00 1,500.00 SALARIES EXPENSE Reference Transactions No Dr Cr Description Interest Expense Reference Transactions No Dr Cr Balance Dr 11,000.00 Balance Dr 950.00 50.00 50 Date 11/30/2011 Description INSURANCE EXPENSE Reference Transactions No Dr Cr Date 11/30/2011 Description DEPREICATION EXPENSE Reference Transactions No Dr Cr Date 11/30/2011 Description ### Balance Dr 97,275.00 900.00 1,400.00 900.00 1,400.00 Date 11/30/2011 12/20/2011 Cr 12,671.00 Balance COST OF GOODS SOLD Reference Transactions No Dr Cr Description Cr 9,000.00 Balance 1200 1850 Date 11/30/2011 Cr 1,000.00 Balance 1,500.00 interest paid Cr 1,500.00 1,960.00 500.00 DISCOUNTS EARNED Reference Transactions No Dr Cr Cr 129,700.00 1,200.00 1,850.00 Cr Cr Cr Cr Balance Dr 1,100.00 Cr Balance Dr 825.00 Cr Balance Dr 40 184,121.00 Cr 211.00 4 0.00 185,046.00 - Best Bicycles, Inc. Adjusting Journal Entries Date 12/1/2011 12/1/2011 12/4/2011 12/4/2011 12/5/2011 ### ### Entry No Description Dr Cr. cash accounts reveivable sales 600 600 cost of goods sold Inventory 900 1200 900 Remt Cash 1500 Account payable Discount Cash 2000 Inventory Accounts payable 1800 Wages Cash Cash Accounts receivable 1500 40 1960 1800 500 500 1400 1400 Best Bicycle, Inc. Trial Balance December 31, 2011 Dr Cash Accounts receivable Prepaid insurance Inventory Equipment Accumulated depr - equipment Accounts payable Note payable Common Stock Additional Paid in capital Retained earnings Bicycle sales Cost of goods sold Rent Expense Salaries Expense Interest Expense Insurance expense Depreciation expense Discounts Earned Cr Best Bicycle, Inc. Trial Balance December 31, 2011 Dr Cash Accounts receivable Prepaid insurance Inventory Equipment Accumulated depr - equipment Accounts payable Note payable Common Stock Additional Paid in capital Retained earnings Bicycle sales Cost of goods sold Rent Expense Salaries Expense Interest Expense Insurance expense Depreciation expense Discounts Earned Cr Best Bicycles, Inc. Balance Sheet 31-Dec-11 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Inventory Total current assets Property and Equipment Equipment Less accumulated depreciation LIABILITIES Current liabilities Accounts payable Note payable Total current liabilities Stockholders' Equity Common stock Additional paid in capital Retained earnings Total stockholders' equity Total Assets Total liabilities and stockholders' equity Best Bicycles, Inc. Income Statement For the Year Ended December 31, 2011 Bicycle Sales Cost of goods sold Gross profit Operating Expenses Rent Salaries Interest Insurance Depreciation expense Total operating expense Net come from operations Other income Discounts earned Net Income Best Bicycles Inc December 2011 Transactions Date 1-Dec Description Sold bicycle for $1,200 receiving $600 in cash with the balance to be paid in 30 days. The cost of the bicycle was $900. 4-Dec Paid Decembers rent in the amount of $1,500. 4-Dec Paid vendors invoices dated 11-27-2011. The invoices totaled $2,000 and the terms were 2/10 net 30 5-Dec Purchased inventory in the amount of $1,800 on credit. 15-Dec Paid wages in the amount of $500. 16-Dec Collected accounts receivable in the amount of $1,400. 18-Dec Cash sale of bicycles in the amount of $1850. The cost of these bicycles was $1,400. 20-Dec Paid Decembers interest on note payable in the amount of $50. 31-Dec Paid wages in the amount of $500 31-Dec Recorded December depreciation on equipment in the amount of $75. 31-Dec Took a physical inventory and found the cost of the remaining unsold inventory was $22,981. 31-Dec Made a $1,000 principal payment on the note payable