Question: Overview & Purpose This week, you are required to complete a Critical Thinking assignment involving a review of the accounting cycle. You will analyze business

Overview & Purpose This week, you are required to complete a Critical Thinking assignment involving a review of the accounting cycle. You will analyze business transactions, prepare journal entries, T-accounts, and financial statements. This assignment aligns with the following Course Outcomes: Outcome 3: Describe the common business operating practices used to analyze the effects of related transactions on the financial position of a corporation. Outcome 4: Apply the mechanics of double-entry accounting including preparation of the accrual-basis financial statements using artificial intelligence (AI). You will be completing the following tasks: Record adjusting journal entries in general journal format, post entries, and prepare an adjusted trial balance Describe the four basic financial statements Explain the closing process

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