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