I am very confused on how to create the journal and balance sheet. any extra notes with the answer is much appreciated!

BCOR 2203: Class 5 Exercise #2 More Transaction Analysis Using Debits and Credits The Buff Corp. prepares monthly financial statements and had the following transactions in January. For each transaction, prepare a journal entry and indicate how it affects the accounting equation. January 1 Purchased $1,000 of inventory on account. January 5 Bull pays $2,000 to a supplier for purchases made on credit last year. January 7 Land was purchased for $7,000. The purchase was financed with a note payable. January 14 Bull paid $500 cash to purchase office supplies that are expected to last several years. January 16 Buff collects $6,000 for services previously performed January 20 Buff receives $500 from its owners in exchange for common stock January 26 Buff sold S2,000 of its land. Jan. 15-31 Buff performs $8,000 of services and expects to collect on the services within 30 days. January 31 Bull paid $1,200 rent for the current month. January 31 Buff paid $1,200 rent that was owed from last December. January 31 Bufr declared $100 in dividends to be paid next month