As an employee of Kontur and Associates you have been asked to compile the information requested by the client. Based on the information provided in the email complete the following information for Ms. Kontur's review using the excel template provided.

1. Enter the journal entries to record all of the business activity for the month of May.
2. Compile a trial balance from the journal entries.
3. the income statement, statement of changes in equity and balance sheet for your client.
4. email to Ms. Kontur to submit with the file. Discuss the following:
   • As you are very ambitious and want to demonstrate your analytical skills, provide your insight on the financial performance of your clients first month of business.
   • After completing the financial statements, the client sent another email to you (see Appendix A). Explain to Ms. Kontur how this new information would change the financial statements you already prepared.

Appendix A Dear Bookkeeper, I understand you are working on my financial statements. I forgot to mention the following information in my initial email. In May I hired a cost consultant to help me find cost savings for my business. She has already done a great job, finding me tons of cost savings! However, she will not send me her final invoice until next month. She charges 5% of monthly revenues for her services. She is worth every penny! I also forgot to mention that I made a cash payment on May 30th for my annual liability insurance. My annual insurance is equal to 10% of my estimated annual operating expenses. Food is risky business!! I hope the above information will not change my financial information for May. Please advise. Thank you! Your Client