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Phase 2: Bookkeeper (15%)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. Prepare the income statement, statement of changes in equity and balance sheet for your client.4. Prepare an email to Ms. Kontur to submit with the file. Discuss the following:o 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.o 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.