I need help building an income statement and balance sheet on excel or whatever is easiest for you on some practice homework. Record all transactions, using either journal entries, the balance sheet equation, or any other method of your

choosing. I recommend using journal entries as we will use those throughout the course. After recording all the transactions, prepare the following financial statements

$1.$ A Balance Sheet for the year ending December $31,2023$

$2.$ An Income Statement for $12$ months ending December $31,2023$

$2023$ Activities and Transactions

$1)$ January $2023$: The firm sells $60016-$ounce mugs and $30020-$ounce mugs to customers who pay cash. All customers take physical delivery of the mugs.

$2)$ February $2023$: The firm sells $15024-$ounce mugs to customers who pay on credit. All customers take physical delivery of the mugs.

$3)$ March $2023$: The February customers who purchased $24-$ounce mugs on credit all make cash payments for the full$-$balance. There are no unpaid credit balances.

$4)$ April $1,2023$: To replenish its inventory levels, Longhorn Coffee Co$.$ orders $80016-$ounce mugs and $70020-$ounce mugs. Longhorn Coffee Co$.$ pays cash for the order on April $1,2023$ and takes delivery on April $15,2023.$

$5)$ June $30,2023$: The year of prepaid rent comes to an end. Longhorn Coffee Co$.$ agrees to pay on a month$-$to$-$month basis for the rest of $2023.$ Rent is paid in cash on the first day of each month. Rent remains at $$500$ a month.

$6)$ July $1,2023$: The firm receives a special order for $2,00016-$ounce mugs delivered on August $5,2023.$Longhorn Coffee Co$.$ allows this customer to pay the amount owed in January $2024.$ To maintain appropriate inventory balances, Longhorn Coffee Co$.$ purchases $2,00016-$ounce mugs from its supplier, which are delivered on August $1,2023.$ Based on the firm$$s prompt payment history, the supplier agrees to extend trade credit and allow Longhorn Coffee Co$.$ to pay for the mugs after Longhorn Coffee Co$.$ collects the amount owed from its customer $($i$.$e$.$ in January $2024).$

$7)$ September $2023$: The firm receives an order for $1,50024-$ounce mugs to be delivered during February $2024.$To maintain appropriate inventory balances, Longhorn Coffee Co$.$ will purchase $1,50024-$ounce mugs from its supplier in January $2024.$ The customer will pay the full invoice amount to the firm when delivery occurs in February $2024$ and the firm will then pay its supplier.

$8)$ During the remainder of $2023,$ the firm receives orders for $60016-$ounce mugs and $50020-$ounce mugs delivered directly to customers in $2023.$ All $60016-$ounce mugs are paid for in cash. All $50020-$ounce mugs are purchased on credit and the customers agree to pay in January $2024.$

$9)$ November $2023$: The firm believes their performance during the year is due, in part, to the press coverage in the Austin Tribune. The Austin Tribune is selling advertisements at half off $($the $$8,000$ advertisement now costs only $$4,000).$ Thus, the firm pays $$4,000$ in cash to place an advertisement in the December issue.

$10)$ December $30,2023$: The firm declares and pays a cash dividend of $$\mathrm{.}10$ per share.

$11)$ December $2023$: As anticipated, the firm used the machine for the full year, paid rent for the full year, and paid the employee$$s salary for the full year. The firm closes its books and prepares financial statements.