Transaction No Transaction Date Description 1 May 1 I invested $30,000 cash into my new business 2 May 3 I Purchased coffee machine worth $5000 cash 3 May 5 I Purchased espresso machine worth $5000 cash 4 May 6 I Purchased Coffee Grinder brewer worth $5000 cash 5 May 9 Purchased coffee bean supplies worth $4000 in cash 6 May 12 Purchased milk sugar worth $2500 in cash 7 May 14 Received Loan from Bank of $9,000 8 May 18 Insurance Paid $1,000 in cash 9 May 20 Paid $600 on Loan principal 10 May 23 Prepaid expenses of $500 11 May 26 Advertisement expense $500 paid in cash 12 May 30 Rent paid $2,000 (You may add a couple of transactions such as revenue sales to balance everything out) 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 Konturs Enter the journal entries to record all of the business activity for the month of May Compile a trial balance from the journal entries Prepare the income statement, statement of changes in equity, and balance sheet for your client Prepare an 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 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

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Posted on May 30, 2024

Transaction No. Transaction Date Description 1. May 1 I invested $30,000 cash into my new business 2. May 3 I Purchased coffee machine worth $5000

Transaction No.	Transaction Date	Description
1.	May 1	I invested $30,000 cash into my new business
2.	May 3	I Purchased coffee machine worth $5000 cash
3.	May 5	I Purchased espresso machine worth $5000 cash
4.	May 6	I Purchased Coffee Grinder/brewer worth $5000 cash
5.	May 9	Purchased coffee bean supplies worth $4000 in cash
6.	May 12	Purchased milk/sugar worth $2500 in cash
7.	May 14	Received Loan from Bank of $9,000
8.	May 18	Insurance Paid $1,000 in cash
9.	May 20	Paid $600 on Loan principal
10.	May 23	Prepaid expenses of $500
11.	May 26	Advertisement expense $500 paid in cash
12.	May 30	Rent paid $2,000

(You may add a couple of transactions such as revenue & sales to balance everything out).

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. Konturs.

Enter the journal entries to record all of the business activity for the month of May.
Compile a trial balance from the journal entries.
Prepare the income statement, statement of changes in equity, and balance sheet for your client.
Prepare an 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.

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