discussion on potential changes in operations . This memo will be used as part of a loan package to request additional funding for potential expansion in year two .
Specifically , the following critical elements must be addressed : 1 . Accounting Cycle a ) Identify the steps of the accounting cycle and provide a description of each step . b ) Analyze the role each step plays in the success of a business . c ) Analyze how the omission of a step could impact the success of a business . What strategies could be used to avoid this ? 2 . Accounting 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 ) Annotate the financial statements . Determine the purpose of each statement . h ) What does each financial statement tell you as a business owner ? What decisions / changes in operations will you make based on the results reported in your statements ? i ) Close all temporary income statement accounts and create closing entries . j ) Prepare the post-closing trial balance for the next accounting period . k ) Cancel any applicable temporary adjusting entries and prepare reversing entries
Guidelines for Submission : The accounting cycle report should be 1 – 3 pages , double-spaced , one-inch margins , and use 12-point Times New Roman font and APA format . For section II , complete the Peyton Approved Student Workbook