I have this project that is due within 24 hours. I'm sick pneumonia and haven't been able to get a grasp of it at all.

It's 2 parts the first part is due tomorrow by 11:59 and the part II is due Thursday.

Running head: ACC 201 FINAL PROJECT PART I ACCOUNTING CYCLE REPORT 1 DELETE EVERYTHING THAT APPEARS IN RED Review the Final Project Part I Guidelines and Rubric document to see how your paper will be scored. Be sure to follow APA format when providing references. If you have questions on APA formatting, you can check the Purdue OWL website or seek help from the SNHU Writing Lab. Notes on APA in a Formal Assignment Use one-inch margins on all sides. Use 12-point Times New Roman font with double spacing. Paragraphs should be at least three to four sentences in length. Do not include the headings \"Introduction\" and \"Conclusion.\" These are included below to help you lay out your paper. APA format assumes that the introduction begins the paper, the body continues the paper, and the conclusion wraps up the paper, so those headings are not needed. Indent the first line of every paragraph by 0.5\". Be careful not to use personal pronouns such as \"I.\" Make sure to delete headings such as Paragraph One, Paragraph Two, and so on. Be sure to replace all of the text in red with your own writing. (This entire first page can be deleted after you review the guidelines. Your paper should begin with the title page that follows.) ACC 201 Final Project Part I Accounting Cycle Report ACC 201 Final Project Part I Accounting Cycle Report Your Name Southern New Hampshire University 2 ACC 201 Final Project Part I Accounting Cycle Report 3 REMEMBER: DELETE EVERYTHING THAT APPEARS IN RED Introduction (delete this heading in your final paper) In your opening paragraph, very briefly introduce the purpose of your paper. Recall that you will be discussing the accounting cycle in keeping with the key terms of steps, role, omission, and finally financial statements, as explained in your rubric instructions. Three or four sentences are sufficient. Paragraph One (delete this heading in your final paper) Using content from your accounting cycle workbook submitted in Final Project Part I and from your readings in Chapter 4 of the textbook, identify the steps of the accounting cycle. Provide a description of each step. Also, discuss what role each step plays in the success of a business. Paragraph Two (delete this heading in your final paper) Describe how the omission of a step could impact the success of a business. What strategies could be used to avoid this? Include in your discussion the omission of at least three different steps. A minimum of five to six sentences is required to support your thoughts. Focus your thinking around the role of each step, as discussed in the previous paragraph, and how its omission will impact the success of a business. Paragraph Three (delete this heading in your final paper) Identify and describe the major financial statements that come out of the accounting cycle. Why are they important? A minimum of five to six sentences is required to support your thoughts. Be specific in your answer and use examples to support your thoughts. Conclusion (delete this heading in your final paper) ACC 201 Final Project Part I Accounting Cycle Report The conclusion reminds the reader what your paper is about and allows you to make a final point without introducing new information. Three or four sentences are sufficient. 4 ACC 201 Final Project Part I Accounting Cycle Report 5 References Nobles, T. L., Mattison, B. L., Matsumura, E. M. (2014). Horngren's financial and managerial accounting (4th ed.). Upper Saddle River, NJ: Pearson Education, Inc. Make sure that you provide appropriate citations in APA style. The textbook is provided as an example and should be kept in the references for your paper. Feel free to add other resources. To add credibility to your paper, remember to cite ALL of the sources within the body of the paper as well as in the References list at the end. References should be in alphabetical order by the author's last name. ACC 201 Final Project Peyton Approved Instructions For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations. Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and recording, through the reporting process. These transactions will include: the initial setup of the business cash and credit sales making payments to vendors paying store employees managing debt It will help you to print this document as you are making your entries in your workbook. Your textbook prepares you and can be used as a reference to assist you in completing this assignment. You should begin this project in Module Two. There will be two checkpoints, along the way, at which time you will submit your progress in this workbook to your instructor for review and feedback toward correction and successful demonstration of this accounting cycle as a whole. Your first check point will cover steps 1 through 4 of this workbook. The first checkpoint is in Module 3. The second checkpoint will have you submit your workbook completed through step 7 in Module 4. You will integrate the feedback, suggestions, and guidance your instructor provides on these steps in the cycle to ensure your success with completion of this cycle. The following steps are included: Step 1: Complete the following in the \"July Journal Entries\" tab in your workbook (be sure to look for the July Journal Entries tab at the bottom of the Peyton Approved Student Workbook). The following events occur in July 2014: July 1 - You take $15,000 from your personal savings account and buy common stock in Peyton Approved. July 1-Purchase $8500 in baking supplies from vendor, on account July 3 - Your parents lend the company $10,000 cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity. July 7 - Pay $3000 toward lease agreement for bakery space. The agreement is for 1 year. The rent is $1,500 per month, last month's rent was required at time of lease agreement. Lease period is effective July 1st 2014 through June 30th, 2015. July 10 - Pay $375 to the county for a business license. July 11 - Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipmentuse misc. exp.). July 13 - You have baking equipment, including an oven and mixer, which you have been using for your home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life. July 13 - Pay $200 for business cards/flyers/posters/ads to use for advertising. July 14 - Pay $300 for miscellaneous (use misc. supplies). July 15 - Hire part-time helper to be paid $12 per hour. Pay periods are the 1 st through the 15th and 16th through the end of the month with paydays being the 20 th for the first pay period and the 5th of the following month for the second pay period. (No entry required on this date; for informational purposes only) July 30- Received telephone bill for July in amount of $45. Payment is due on August 10 th July 31 - Pay $1,200 for a 12-month insurance policy. Policy effective dates August 1, 2014 through July 31st, 2015 July 31- Accrue wages earned for employee for period of 16 th through 31st of July (Wage calculations table is provided for you, below) Total July bakery sales were $15,000. $5000 of these sales on accounts receivable Step 2: Complete the following transactions in the August Journal Entries tab in your workbook August 5- paid employee for period ending 7/31 August 8-Receive payments from customers towards accounts receivable in amount of $3200. August 10 - paid July telephone bill August 15- Purchase additional baking supplies in amount of $5000 from vendor, on account. August 15 - Accrue wages earned for employee from period of 1 st through 15th of August (Wage calculations table provided below) August 15-Pay rent on bakery space $1500 August 18-Receive payments from customers towards accounts receivable in amount of $1000 August 20- paid $8500 toward baking supplies vendor payable August 20- pay employee for period ending 8/15 August 22- $300 in misc. supplies purchased August 31- received telephone bill for August in amount of $45. Payment is due on September 10th. August 31- Accrue wages earned for employee for period of August 16 th through August 31st (Wage calculations table provided below) August bakery sales total $20,000. $7,500 of this total on accounts receivable. Step 3: Many customers have been asking for more hypo-allergenic products, so in September you start carrying a line of hypo-allergenic shampoos on a trial basis. The following information relates to the purchase and sales of the shampoo: You use the perpetual inventory method. You are uncertain as to which valuation method to useFIFO, LIFO, or weighted average, so you calculate inventory using all three and then decide which one you would like to choose. Please see the Inventory Valuation tab in your workbook, to review application of costs using the FIFO, LIFO, and average methods based on purchase and sales information. You will choose the method you feel most appropriate, and bring the journal entries from the inventory valuation page into your journal for the month of September, to ensure the impact of merchandising is reflected in your reporting. Complete the following transactions in the September Journal Entries tab in your workbook. September 1- paid dividends to self in amount of $3000 September 5-pay employee for period ending 8/31 September 7-Purchase merchandise for resale. See inventory valuation tab for details. September 8- Receive payments from customers toward accounts receivable in amount of $4000 September 10- pay August telephone bill September 11-purchase baking supplies in amount of $ 7,000 from vendor on account. September 13- Paid on supplies vendor account in amount of $5000 September 15- Accrue employee wages for period of September 1 st through September 15th September 15- Pay rent on bakery space $1500 September 15-Record merchandise sales transaction. See inventory valuation tab for details. September 15-Record impact of sales transaction on COGS and the inventory asset. See inventory valuation tab for details. September 20- Pay employee for period ending 9/15 September 20-Purchase merchandise inventory for resale to customers. See inventory valuation tab for details. September 24- Record sales of merchandise to customers. See inventory valuation tab for details. September 24- Record impact of sales transaction on COGS and the inventory asset. See inventory valuation tab for details. September 30- Purchase merchandise inventory for resale to customers. See inventory valuation tab for details. September 30-Accrue employee wages for period of September 16 th through September 30th Total September bakery sales $25,000. $6,000 of these sales on accounts receivable. Step 4: Post entries to t accounts. Use the t accounts page in your workbook to post all journal entries to the appropriate ledger account and calculate account balances as of September 30 th. Step 5: Prepare the Unadjusted Trial Balance Use the t account balances completed in the previous step to prepare the unadjusted trial balance portion of the Trial Balance tab in your workbook. Step 6: You will use the \"Adjusting Entries\" tab in your workbook to complete the following entries. See sample for Depreciation of Baking Equipment. Take the adjusting entries from this worksheet and enter them into the trial balance on the Steps 5 and 7 Trial Balance tab. On September 30, the following adjustments must be made: Depreciation of baking equipment transferred to company on 7/13. Assume month of depreciation in July using the straight-line method. Accrue interest for note payable. Assume a full month of interest for July. (6% annual interest on $10,000 loan from parents. Record insurance used for the year. Actual baking supplies on-hand as of September 30 th is $1100. Misc. supplies on-hand as of September 30th is $50. Step 7: Apply adjusting entries to the trial balance to create the adjusted trial balance. Adjusting entries from Step 6 will apply to affected accounts in the unadjusted trial balance to arrive at the adjusted trial balance. Step 8: Prepare the financial statements Use your adjusted trial balance to prepare the income statement, statement of owner's equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them. Step 9: You will use the \"Closing Entries\" tab in your workbook to do the following: Close all temporary income statement accounts and create closing entries. Step 10 You will use the Post Closing Trial Balance tab in your workbook to do the following: Prepare the post-closing trial balance for the next accounting period. Step 11\" You will use the \"Reversing Entries\" tab in your workbook to do the following: Prepare reversing entries. This completes your workbook! Wage calculation data: Month 31-Jul 15-Aug 31-Aug 15-Sep 30-Sep Hours 10 40 35 38 40 Rate 12 12 12 12 12 Pay 120 480 420 456 480 \fACC 201 Final Project Part I Guidelines and Rubric Overview One of the measures of success in any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions. This is done through the use of accounting. By working through the accounting cycle, you will understand how money flows through a company. This information can help you determine whether or not an organization can afford to stay open while employing current practices and what types of changes might be needed to allow the organization to become profitable if it is currently struggling financially. This process also helps you understand the level of attention to detail that is required in a successful business venture. The assessment for this course consists of two major parts: an accounting workbook with supporting accounting cycle report and a memo that uses financial statements to assess whether a business is going in the right direction. In the accounting workbook, you will use course-provided information to record journal entries that document financial transactions in a business. To do this, you will follow the business transactions for a three-month period, starting from step one of the accounting cycle through the reporting process. These transactions will include the initial setup of the business, sales, and purchases, making payments to vendors, paying store employees, and managing debt. You will then create a brief report explaining the steps of the accounting cycle and the significance of those steps and the financial statements that come out of them for the business. The accounting workbook and accounting cycle report will prepare you for the second part of final project, which consists of a memo to request funding for potential expansion. The memo will overview the company's accounting system, discuss what the financial statement suggests about the company's strengths and weaknesses, and present opportunities for future growth. This first part of the final project addresses the following course outcomes: Apply the accounting cycle to business transactions for communicating financial data Analyze the steps of the accounting cycle for their impact on the success of a business Prompt Your dog, Peyton, has severe allergies and cannot have the usual store-bought dog treats. You have been making homemade treats for him that are all-natural and hypoallergenic. Over the past year, you have been making and selling these treats out of your home and have been quite successful. You now have an opportunity to open your own dog treat bakery. You have decided on a corporate form of business and have named your company \"Peyton Approved.\" There are two components to this part of the final project: an accounting cycle workbook (submitted in Module Six) and an accounting cycle report (submitted in Module Seven). To complete the first component, use accepted accounting principles to follow and record your business transactions for a three-month period from step one of the accounting cycle through the reporting process. Enter your transactions in the workbook provided. Your completed workbook will consist of journal entries for each transaction and postings of transactions to account ledgers. You will develop a trial balance from ledger balances and adjust revenue and expense accounts as necessary to ensure that revenues and expenses are reported in the appropriate period under the accrual accounting method. The adjusted trial balance will be used in preparation of the income statement, statement of owner's equity, balance sheet, and statement of cash flows. After preparation of financial statements, closing entries will be entered to transfer earnings to equity and prepare temporary accounts for the new accounting period. Then, prepare a brief report that lays out the steps of the accounting cycle, explaining what each step does, why it is important to the success of a business, and what financial information is produced at the end of the cycle. Specifically, the following critical elements must be addressed: Accounting Cycle Workbook a) Record all journal entries. Be sure that all information is recorded accurately. b) Post entries to appropriate ledger accounts. Ensure all information is posted accurately. c) Prepare unadjusted trial balance. Ensure unadjusted trial balance is prepared accurately. d) Interpret trial balance and make appropriate end of period adjustments. e) Post adjusted entries and prepare the adjusted trial balance. f) Apply adjusted trial balance and prepare financial statements. g) Close all temporary income statement accounts and create closing entries. h) Prepare the post-closing trial balance for the next accounting period. i) Cancel any applicable temporary adjusting entries and prepare reversing entries. Accounting Cycle Report a) Identify the steps of the accounting cycle and provide a description of each step. b) What role does each step play in the success of a business? c) How could the omission of a step impact the success of a business? What strategies could be used to avoid this? d) What are the major financial statements that come out of the accounting cycle? Why are they important? Final Project Part I Rubrics Instructor Feedback: Both of these submissions use integrated rubrics in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Final Project Part I: Accounting Cycle Workbook Rubric Guidelines for Submission: Complete the Peyton Approved Student Workbook, available in the Assignment Guidelines and Rubrics folder. Be sure to fill out the Excel workbook in its entirety (12 sheets). Critical Elements Accounting Cycle Workbook: Journal Entries Accounting Cycle Workbook: Ledger Accounts Exemplary Proficient Records all journal entries accurately (100%) Needs Improvement Records all journal entries, but there are some inaccuracies (55%) Not Evident Does not record all journal entries (0%) Accurately posts entries to appropriate ledger accounts (100%) Posts entries, but not all entries are posted accurately or to the appropriate ledger accounts (55%) Prepares unadjusted trial balance, but contains some issues regarding accuracy (55%) Does not post entries to ledger accounts (0%) 10 Does not prepare unadjusted trial balance (0%) 10 Does not interpret trial balance, making end of period adjustments (0%) 10 Does not post adjusted entries (0%) 10 Does not apply adjusted trial balance (0%) 10 Accounting Cycle Workbook: Unadjusted Trial Balance Accurately prepares unadjusted trial balance (100%) Accounting Cycle Workbook: Trial Balance Interprets trial balance, making appropriate end of period adjustments (100%) Accounting Cycle Workbook: Adjusted Entries Posts adjusted entries, preparing the adjusted trial balance (100%) Interprets trial balance, making end of period adjustments, but adjustments contain inaccuracies or are not appropriate (55%) Posts adjusted entries, but does not prepare the adjusted trial balance (55%) Accounting Cycle Workbook: Adjusted Trial Balance Applies adjusted trial balance and prepares financial statements (100%) Applies adjusted trial balance but does not prepare financial statements (55%) Value 10 Accounting Cycle Workbook: Temporary Income Statement Accounts Closes all temporary income statement accounts, creating closing entries (100%) Closes all temporary income statement accounts, but does not create closing entries (55%) Does not close temporary income statement accounts (0%) 10 Accounting Cycle Workbook: PostClosing Trial Balance Prepares the post-closing trial balance for the next accounting period (100%) Does not prepare the post-closing trial balance (0%) 10 Accounting Cycle Workbook: Temporary Adjusting Entries Cancels all applicable temporary adjusting entries, preparing reversing entries (100%) Prepares the post-closing trial balance, but it is not aligned with the next accounting period (55%) Cancels all applicable temporary adjusting entries, but does not prepare reversing entries (55%) Does not cancel all applicable temporary adjusting entries (0%) 10 Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas (55%) Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas (0%) 10 Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-toread format (100%) Submission has no major errors related to citations, grammar, spelling, syntax, or organization (85%) Earned Total 100% Final Project Part I: Accounting Cycle Report Rubric Guidelines for Submission: The accounting cycle report should be 1-3 pages in length and should use double spacing, one-inch margins, and 12-point Times New Roman font. Sources should be cited according to APA style. Critical Elements Accounting Cycle Report: Steps Accounting Cycle Report: Role Accounting Cycle Report: Omission Accounting Cycle Report: Financial Statements Articulation of Response Exemplary (100%) Meets \"Proficient\" criteria, and description is exceptionally clear and contextualized Meets \"Proficient\" criteria and uses industry-specific language to establish expertise Proficient (85%) Identifies steps of the accounting cycle and describes each step Analyzes the role each accounting cycle step plays in the success of a business Meets \"Proficient\" criteria and demonstrates a nuanced understanding of the relationship between omitting steps of the accounting cycle and the success of a business Meets \"Proficient\" criteria, and explanation demonstrates keen insight into the importance of different types of financial statements Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format Analyzes the impact of an omission, identifying strategies to avoid them Discusses major financial statements that come out of the accounting cycle, explaining why they are important Submission has no major errors related to citations, grammar, spelling, syntax, or organization Needs Improvement (55%) Identifies steps of the accounting cycle, but does not describe each step Analyzes the role each accounting cycle step plays in the success of a business, but analysis does not cover the compete cycle or contains inaccuracies Analyzes the impact of an omission, but does not identify strategies to avoid them Not Evident (0%) Does not identify steps of the accounting cycle Value 20 Does not analyze the role each accounting cycle step plays in the success of a business 20 Does not analyze the impact of an omission 20 Discusses major financial statements that come out of the accounting cycle, explaining why they are important, but with gaps in detail or accuracy Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Does not discuss major financial statements that come out of the accounting cycle or explain why they are important 20 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 20 Earned Total 100%