Discuss the nature of the accounting cycle. · Distinguish among types of business transactions. · Demonstrate the effects of transactions on the accounting equation.

You are to assume the role of an accounting associate for BEST COFFEE, a coffee shop. The owner (judge) needs your help in identifying and understanding the accounting cycle and different types of business transactions. The owner (judge) needs help classifying the following transactions and learning how each impacts the accounting equation: - BEST COFFEE sold 10,000 bags of whole coffee beans to a retail coffee chain for $100,000, on account. - BEST COFFEE purchased 4,000 pounds of whole coffee beans from a vendor based out of Costa Rica for $36,000, on account. - A customer paid BEST COFFEE $50,000 for 5,000 bags of whole coffee beans. - BEST COFFEE paid its employees $23,500 for wages associated with the current pay period. You must prepare the following for a meeting with the owner (judge): - Describe the steps in the accounting cycle. - Distinguish the types of business transactions listed above. - Provide an explanation as to how the above transactions would impact the accounting equation. - Present a mathematical depiction of the impact of the transactions on the accounting equation. You will present the information to the owner (judge) in a role-play to take place in the owner's (judge's) office. The owner (judge) will begin the role-play by greeting you and asking to hear your ideas. After you have presented the information and have answered the owner's (judge's) questions, the owner (judge) will conclude the role-play by thanking you for your work.