solved BACKGROUNDOn May 1st, you started a new business in the

BACKGROUNDOn May 1st, you started a new business in the food industry with only $30,000 of your own cash. You are very excited about your new venture, but it has also been keeping you very busy. It is now June and you are running behind on your bookkeeping, which is concerning. In fact, you have no idea how your new company is performing financially. You have never even taken an accounting course before!You decided to hire an accountant to help you with your bookkeeping. The accountant has requested some information to help them prepare your financial information. Due to COVID-19 social distancing rules you are not allowed to meet in the office. Instead you will have to communicate via email. The following is the email request from your new accountant.Dear Client,Congratulations on your new venture! Thank you for choosing Kontur and Associates as your accounting firm. Please provide us the following information so that we may assist you in compiling the following financial statements for last month:• Income Statement• Balance Sheet• Statement of Changes in EquityIn order to assist you please provide us with the following information:• The name and brief description of your operations and structure of your business.• Description of all the transactions for the month of May.We look forward to hearing back from you.Sincerely,Anita Bean Kontur, CPAINSTRUCTIONSPhase 1: Business Owner (5%)Your Role: New Business owner (The Client)Required: Respond to Ms. Kontur’s email providing her with the following information:1. A description of your business (approx. 150 words), including the name, type of business and structure / form of your business.2. A description of all the accounting transactions for the month of May including the transaction number, transaction date, dollar amount and method of payment (where required, eg, cash, credit card or financing). Using the table below to list the business activity including:1. 6 operating activities (O)2. 3 investing activities (I)3. 3 financing activities (F)Trans No.Trans DateDescriptionActivity Type (O, I, F) 1. May 1 I invested $30,000 cash into my new business. FPlease ensure that your email is professional and written in full sentences. Once approved by the teacher, forward a copy of your marked phase 1 submission to your partner “the bookkeeper”. Y