Accounting Cycle Project You need to use the Excel template to complete this project. In the Excel file, you will find the Beginning balance, Chart of Accounts, a worksheet template, and a blank T-accounts sheet for you to fill. The submission details will be posted on Canvas. Events During January Event Date Description of Event 1 January 3 Employees are paid monthly on the first business day of the month for work done in the previous month. The total payroll for the previous month is $110,000. (Ignore payroll taxes for this assignment.) Accounting wrote and distributed the paychecks. 2 GBI received $55,692 in safety product inventory and $37,128 in raw materials from Dallas Bike Basics. This inventory was ordered on December 28. The payment terms for the invoice total of $92,820 are net 10 days. GBI paid the CWX shipping company $550 with a manual check for the shipment of the goods. The bill of lading showed that the safety product inventory arrived in 6 boxes with a total weight of 120 lbs and the raw materials came on a pallet and weighed 100 lbs