Dec 1 Dec 3 Dec 6 Dec 9 Dec 12 Dec 15 Dec 18 Dec 21 Dec 24 Dec 26 Dec 27 Dec 28 Dec 30 DECEMBER 2023 TRANSACTIONS FOR BOOK PURPOSES Kelly took $25,000 of personal money and invested the cash into Kelly's Consulting, Inc. Kelly's Consulting, Inc. is a brand-new business that has been established as an S Corporation for tax purposes. The focus of the business will be on providing management consulting services. Kelly will operate the business from home. In order to travel to and from clients, Kelly's Consulting, Inc. purchased a moped scooter for $7,000 using cash. The moped scooter will be used 100% for the business. Kelly landed her first client and immediately performed $7,500 of consulting services. Cash was received from the client. In order to try to get more clients, Kelly advertised in the local newspaper. The advertisement ran immediately and cost Kelly $500. The newspaper billed her for this advertisement and expects payment in the future. Seeing the advertisement above, a customer called Kelly and wanted to meet. Kelly took the potential client out for lunch. Kelly paid for the lunch at a cost of $150 (cash was paid). The lunch customer was impressed by Kelly and the business - and paid $5,000 cash in exchange for a consulting agreement that will be performed on December 21st. As of December 15th (today) no consulting work has been provided. The newspaper bill from the 9th was paid using cash. Kelly performed the $5,000 of consulting services that the client paid for on the 15th. Looking to thank the clients that were worked with this month, Kelly purchased and took the two clients to see an NBA professional basketball game. The cost of the tickets was $750 ($250 each). Cash was used to purchase the tickets. $2,500 in wages were paid by Kelly's Consulting, Inc. to Kelly. This would mean that the businesses cash went down while Kelly's personal cash went up. Kelly performed an additional $1,750 of consulting services for another new client. The customer did not have the ability to immediately pay for the services - so Kelly sent them an invoice. Gas of $40 was paid (with cash) for the moped scooter. The gas will be very quickly used up. Wages to Kelly of $1,000 need to be accrued for the work done on December 27th. As the client has not paid their invoice yet - the business is not going to pay the wages to Kelly until January. Dec 31 Record depreciation in the amount of $150 related to the moped scooter. Part 1 - Journalize the transactions above Below is the chart of accounts for Kelly's Consulting, Inc. CHART OF ACCOUNTS Cash Consulting Revenue Accounts Receivable Moped Scooter Accumulated Depreciation - Scooter Accounts Payable Wages Payable Unearned Consulting Revenue Common Stock Advertising Expense Meals Expense Entertainment Expense Wages Expense Fuel Expense Depreciation Expense