Part 1 – Transaction Analysis (15 points total, approximately 1 point per transaction)Context: Your friends Donna and Henry recently decided they wanted to start up a small business providing consulting services. The business operates as DH Consulting and is a corporation. Your friends realize that you are in an accounting class and thought it would be great practice for you to analyze their transactions.To do: Create a grid in Excel and record the following transactions. Upon completion of the grid be sure to create totals for each of the respective columns. Use formulas as appropriate. The transactions below relate to the month of May XXX1.DATETRANSACTION1Donna invested $4,000 of her personal cash into the business in exchange for common stock.2Henry had two personal computers that he invested into the business in exchange for common stock. The value of the computers was $4,000.3Purchased office supplies that are expected to be used in June. The total amount of the purchase was $1,200. Cash was paid.4The rent for May was due. Pay the monthly rent in the amount of $2,000.5Performed consulting services for a client equal to $6,000. The client immediately paid the business using cash.6Decided to place an advertisement in the local newspaper. The total cost of the advertisement, which ran immediately, was $1,000. The newspaper sent DH a bill for the advertisement.7The business had an out of state client. To travel to visit the client on May 7th, Henry rented a car for $600. The rental company did not take cash; Henry had to charge it to the company credit card.8Performed consulting services for $9,000. The customer did not have cash (or any other means of payment) with them, DH sent them an invoice.9A computer server was needed by DH to help with data management. Therefore, one was purchased for $3,000. A $1,000 cash down payment was made. The seller of the server loaned the remaining funds to DH Consulting.10Paid the internet bill, using cash, for the month in the amount of $100.DATETRANSACTION (continued)11DH is in the process of trying to find a long-term insurance policy. To make sure they had coverage for the current month a one-month policy covering May was paid for in the amount of $300.12The customer from #8 above sent DH payment for 50% of the amount that they owed.13DH paid $200 towards the outstanding credit card balance.14DH paid $400 towards the outstanding advertising bill from above.15Paid total dividends to the shareholders in the amount of $8,000 (i.e., $4,000 to Donna and $4,000 to Henry)Part 2 – Financial Statements Creation(2 points for I/S, 3 points for Balance Sheet; 5 Points total)Context: Based on your totals from Part 1 of the assignment, prepare an income statement, and a balance sheet for your friends. Please make each financial statement on its own tab in your Excel workbook. Formulas and linked cells should be used as deemed necessary.Note: Create and use accounts that are appropriate for DH Consulting. Do not try and fit this business into the accounting framework of another business.To do: Create an income statement and a balance sheet for DH Consulting, Inc. based upon the answers to the transactions posted in Part 2. As a reminder, transactions 1 through 15 occurred in during the Month of May 2019.