The accounting cycle, you will complete the following tasks:1. Journalize the adjusting entries.2. Post the adjusting entries to the T accounts.3. Prepare an adjusted trial balance.4. Create the financial statements in proper form.a. Prepare the income statement using the single-step method.b. Prepare the statement of retained earnings.c. Prepare the balance sheet in account form.5. Journalize the closing entries.6. Post the closing entries to the T accounts.7. Prepare a post-closing trial balance.