• In this practice question, you will complete the accounting cycle for It’s About Time, a merchandising business organized as a sole proprietorship. You will process the transactions for April 2013, including payroll and fixed assets. In April 2013, the owner diversified his business by opening another branch selling office equipment and office stationery. Because the fixed asset system is date sensitive, it is imperative that you use it in the year 2013. Otherwise, the depreciation reports and the depreciation adjusting entries will be incorrect.