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Let's say you start a small business called XYZ Consulting Services on January 1 , 2 0 2 4 . You invest $ 1

Let's say you start a small business called "XYZ Consulting Services" on January 1,2024. You invest $10,000 of your own money into the business bank account to get started. You then purchase office equipment for $5,000 and office supplies for $1,000. You also sign a one-year lease for office space, paying $1,200 per month.
Throughout the month of January, you provide consulting services to clients and generate $8,000 in revenue. However, you also incur expenses such as utilities ($300), internet ($100), and advertising ($500).
At the end of January, you need to calculate your net income and prepare a basic income statement and balance sheet

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