i dont understand how to do the accounting cycle can you help

ACCT 2133: Accounting Cycle Case Name: Instructions The objective of this case is to go through Best Bicycles Inc.'s accounting cycle for the month of December, 2015. Best Bicycles Inc. is a merchandiser that sells bicycles. This accounting cycle case is worth 50 points or 10% of your final course grade. The case is due in the D2L online dropbox by Thursday, October 6th, 7:30 pm. (After submitting to dropbox, verify your submission went through, and that the file can be opened and you actually submitted what you intended to submit.) In addition, a hard copy of the case (as submitted on D2L) is due at the beginning of our Wednesday, October 12th class. (Make sure the printed copy has appropriate page breaks.) You will note this excel workbook has various tabs at the bottom of the page. Each tab represents a separate worksheet. There are 10 worksheets (including this one). To access each worksheet, click on the desired tab. After typing in your name in the space noted above, you should complete the following requirements: Requirement 1: To start this project, go to the Transactions tab and prepare journal entries to record each of the Part I transactions. Record each Part I journal entry on the General Journal tab. Requirement 2: Next, post the journal entries to the general ledger located on the General Ledger tab. Requirement 3: After all entries have been posted to the general ledger, prepare a trial balance (unadjusted) 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. Requirement 4: Go back to the Transactions tab and prepare journal entries to record each of the Part II adjusting journal entries. Record each Part II journal entry on the General Journal tab. Requirement 5: Next, post the adjusting journal entries to the general ledger located on the General Ledger tab. Requirement 6: After adjusting journal entries have been posted to the general ledger, prepare an adjusted trial balance on the Adjusted Trial Balance tab. Be sure the adjusted trial balance is in balance, that the total debits equal the total credits. Do not proceed to the next step until the adjusted trial balance balances. Requirement 7: Based on the adjusted trial balance, prepare an income statement, a statement of retained earnings, and a balance sheet on the related statement tabs. Requirement 8: Then prepare and record post closing journal entries on the General Journal tab. (Follow closing procedure as described in Kemp & Waybright Chapter 3.) Requirement 9: Next, post the closing journal entries to the general ledger located on the General Ledger tab. Requirement 10: The final step is to prepare a post-closing trial balance. This should be done on the PostClosing 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. December 2015 Transactions Part I Date Description 4-Dec Purchased ten bicycles for $10,000 with terms 2/10, net/30. (Best Bicycles uses the perpetual inventory method and records purchases at gross, not net of discount). 5-Dec Issued 500 additional shares of $1 par common stock for $5,000 cash. 5-Dec Sold a bicycle for $3,500 cash. Cost of the bicycle was $2,100. 10-Dec Paid vendor for the bicycles purchased on December 4. 14-Dec Paid for TV advertisement that ran during the first week of December in the amount of $1,250. 15-Dec Paid salaries in the amount of $500 for salaries earned during the first two week of December. 16-Dec Collected accounts receivable in the amount of $950. 18-Dec Paid December interest incurred on note payable in the amount of $50. 20-Dec Sold a bicycle for $1,900. Received $1000 in cash with the balance due in 30 days. The cost of this bicycle was $1,200. 31-Dec Made a $1,000 principal payment on the note payable. Part II Date Description 31-Dec Salaries earned as of December 31 in the amount of $500 will not be paid until January 2 of the following year. 31-Dec December depreciation on equipment was $75. 31-Dec Took a physical inventory and found the cost of the remaining unsold inventory was $30,636. 31-Dec 2015 income taxes of $250 will not be paid until February 1 of the following year. 31-Dec Insurance was paid in advance at the beginning of the quarter. December was the final month of insurance coverage. Best Bicycles, Inc. General Journal Date Description (Account Titles and Explanation) Ref. Dr Cr Best Bicycles, Inc. General Leger CASH (#100) Date 11/30/2015 Date 11/30/2015 Date 11/30/2015 Description Beginning balance Description Beginning balance Description Beginning balance Reference No Transactions Dr Cr ACCOUNTS RECEIVABLE (#110) Reference Transactions No Dr Cr PREPAID INSURANCE (#120) Reference Transactions No Dr Cr Balance Dr 12,450.00 Balance Dr 1,125.00 Balance Dr 100.00 Date 11/30/2015 Date 11/30/2015 Date 11/30/2015 Date 11/30/2015 Description Beginning balance Description Beginning balance Description Beginning balance Description Beginning balance INVENTORY (#130) Reference Transactions No Dr Cr EQUIPMENT (#160) Reference Transactions No Dr Cr ACCUMULATED DEPR. - EQUIPMENT (#170) Reference Transactions No Dr Cr ACCCOUNTS PAYABLLE (#210) Reference Transactions No Dr Cr Balance Dr 24,410.00 Balance Dr 5,000.00 Balance Dr Balance Dr Date 11/30/2015 Date 11/30/2015 Date 11/30/2015 Date 11/30/2015 Date Description Beginning balance Description Beginning balance Description Beginning balance Description Beginning balance Description SALARIES PAYABLE (#220) Reference Transactions No Dr Cr INCOME TAXES PAYABLLE (#230) Reference Transactions No Dr Cr NOTE PAYABLE (#260) Reference Transactions No Dr Cr COMMON STOCK (#310) Reference Transactions No Dr Cr ADDITIONAL PAID IN CAPITAL (#320) Reference Transactions No Dr Cr Balance Dr Balance Dr Balance Dr Balance Dr Balance Dr 11/30/2015 Date 11/30/2015 Date 11/30/2015 Date 11/30/2015 Date Beginning balance Description Beginning balance Description Beginning balance Description Beginning balance Description RETAINED EARNINGS (#350) Reference Transactions No Dr Cr BICYCLE SALES REVENUE (#410) Reference Transactions No Dr Cr COST OF GOODS SOLD (#510) Reference Transactions No Dr Cr ADVERTISING EXPENSE (#520) Reference Transactions No Dr Cr Balance Dr Balance Dr Balance Dr 97,275.00 Balance Dr 11/30/2015 Date 11/30/2015 Date 11/30/2015 Date 11/30/2015 Beginning balance Description Beginning balance Description Beginning balance Description Beginning balance 16,500.00 SALARIES EXPENSE (#530) Reference Transactions No Dr Cr INTEREST EXPENSE (#540) Reference Transactions No Dr Cr INSURANCE EXPENSE (#550) Reference Transactions No Dr Cr Balance Dr 11,000.00 Balance Dr 950.00 Balance Dr 1,100.00 Date 11/30/2015 Date 11/30/2015 Description Beginning balance Description Beginning balance DEPREICATION EXPENSE (#560) Reference Transactions No Dr Cr INCOME TAXES EXPENSE (#570) Reference Transactions No Dr Cr Balance Dr 825.00 Balance Dr 170,735.00 Balance Cr Balance Cr Balance Cr Balance Cr Balance Cr Balance Cr 2,400.00 Balance Cr 5,964.00 Balance Cr - Balance Cr Balance Cr 10,000.00 Balance Cr 1,000.00 Balance Cr 9,000.00 Balance Cr 12,671.00 Balance Cr 129,700.00 Balance Cr Balance Cr Balance Cr Balance Cr Balance Cr Balance Cr Balance Cr 170,735.00 - Best Bicycle, Inc. Trial Balance December 31, 2015 Dr Cash Accounts receivable Prepaid insurance Inventory Equipment Accumulated depr - equipment Accounts payable Salaries payable Income taxes payable Note payable Common Stock Additional Paid in capital Retained earnings Bicycle sales revenue Cost of goods sold Advertising expense Salaries expense Interest expense Insurance expense Depreciation expense Income taxes expense Cr Best Bicycle, Inc. Adjusted Trial Balance December 31, 2015 Dr Cash Accounts receivable Prepaid insurance Inventory Equipment Accumulated depr - equipment Accounts payable Salaries payable Income taxes payable Note payable Common Stock Additional Paid in capital Retained earnings Bicycle sales revenue Cost of goods sold Advertising expense Salaries expense Interest expense Insurance expense Depreciation expense Income taxes expense Cr Best Bicycle, Inc. Post-Closing Trial Balance December 31, 2015 Dr Cash Accounts receivable Prepaid insurance Inventory Equipment Accumulated depr - equipment Accounts payable Salaries payable Income taxes payable Note payable Common Stock Additional Paid in capital Retained earnings Bicycle sales revenue Cost of goods sold Advertising expense Salaries expense Interest expense Insurance expense Depreciation expense Income taxes expense Cr Best Bicycles, Inc. Income Statement For the Year Ended December 31, 2015 Bicycle sales revenue Cost of goods sold Gross profit Operating Expenses Advertising Salaries Interest Insurance Depreciation expense Total operating expense Net come from operations Income taxes expense Net Income Best Bicycles, Inc. Income Statement For the Year Ended December 31, 2015 Retained Earnings, November 30, 2015 Add: Net Income Less: Dividends Retained Earnings, December 31, 2015 Best Bicycles, Inc. Balance Sheet December 31, 2015 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Inventory LIABILITIES Current liabilities Accounts payable Income taxes payable Note payable Total current liabilities Total current assets Property and Equipment Equipment Less: Accumulated depreciation Stockholders' Equity Common stock Additional paid in capital Retained earnings Total stockholders' equity Total Assets Total liabilities and stockholders' equity