DECEMBER $2023$ TRANSACTIONS FOR BOOK PURPOSES

$\backslash$table$[[$Dec $1,\backslash$table$[[$Kelly took $$25,000$ of personal money and invested the cash into Kelly's Consulting, Inc. Kelly's$],[$Consulting$,$ Inc. is a brand$-$new business that has been established as an S Corporation for tax$],[$purposes$.$ The focus of the business will be on providing management consulting services.$],[$Kelly will operate the business from home.$]]],[$Dec $3,\backslash$table$[[$In order to travel to and from clients, Kelly's Consulting, Inc. purchased a moped scooter for$],[$$$7,000$ using cash. The moped scooter will be used $100\%$ for the business.$]]],[$Dec $6,\backslash$table$[[$Kelly landed her first client and immediately performed $$7,500$ of consulting services. Cash was$],[$received from the client.$]]],[$Dec $9,\backslash$table$[[$In order to try to get more clients, Kelly advertised in the local newspaper. The advertisement$],[$ran immediately and cost Kelly $$500.$ The newspaper billed her for this advertisement and$],[$expects payment in the future.$]]],[$Dec $12,\backslash$table$[[$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 $$150($cash was paid$).]]],[$Dec $15,\backslash$table$[[$The lunch customer was impressed by Kelly and the business $-$ and paid $$5,000$ cash in$],[$exchange for a consulting agreement that will be performed on December ${21}^{st}.$ As of$],[$December ${15}^{th}($today$)$ no consulting work has been provided.$]]],[$Dec $18,$The newspaper bill from the $9^{th}$ was paid using cash.$],[$Dec $21,$Kelly performed the $$5,000$ of consulting services that the client paid for on the ${15}^{th}.],[$Dec $24,\backslash$table$[[$Looking to thank the clients that were worked with this month, Kelly purchased and took the$],[$two clients to see an NBA professional basketball game. The cost of the tickets was $$750($$$250],[$each$).$ Cash was used to purchase the tickets.$]]],[$Dec $26,\backslash$table$[[$$$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$.]]],[$Dec $27,\backslash$table$[[$Kelly performed an additional $$1,750$ of consulting services for another new client. The$],[$customer did not have the ability to immediately pay for the services $-$ so Kelly sent them an$],[$invoice$.]]],[$Dec $28,$Gas of $$40$ was paid $($with cash$)$ for the moped scooter. The gas will be very quickly used up$.],[$Dec $30,\backslash$table$[[$Wages to Kelly of $$1,000$ need to be accrued for the work done on December ${27}^{th}.$ As the client$],[$has not paid their invoice yet $-$ the business is not going to pay the wages to Kelly until$],[$January$.]]],[$Dec $31,$Record depreciation in the amount of $$150$ related to the moped scooter.

Part $4-$ Using your trial balance, prepare the following financial statements:

A$.$ Income Statement $-$ For the Month Ended December $31,2023$

B$.$ Statement of Retained Earnings $-$ For the Month Ended December $31,2023$

C$.$ Balance Sheet $($Classified Format$)-$ December $31,2023$

You are expected to use formulas to bring in the trial balance amounts onto each applicable financial statement.

As needed, you should use a formula to pull an amount from a previous financial statement into the next financial statement.

You are expected to use formulas to calculate all subtotals and totals.

CREATE THE $3$ FINANCIAL STATEMENTS THANK YOU$<mn\; id="EditorElement\_925112">3</mn>$