Question: In this exercise, you will create a monthly income statement, statement of owner's equity, and balance sheet in Excel for Titan Industries. With the exception

 In this exercise, you will create a monthly income statement, statementof owner's equity, and balance sheet in Excel for Titan Industries. Withthe exception of the William Buffalo, Capital account (the balance for whichis from 11/1/2016), the company had the following account balances as of11/30/2016. Accounts Payable Accounts Receivable Building Cash Equipment Office Expense Notes Payable$3,500 Repair Expense $7,000 Service Revenue $13,000 Supplies $19,000 Supplies Expense $10,000Utilities Expense $6,200 $5,000 $2,500 $13,000 $1,000 $700 $1,800 William Buffalo, Capital

In this exercise, you will create a monthly income statement, statement of owner's equity, and balance sheet in Excel for Titan Industries. With the exception of the William Buffalo, Capital account (the balance for which is from 11/1/2016), the company had the following account balances as of 11/30/2016. Accounts Payable Accounts Receivable Building Cash Equipment Office Expense Notes Payable $3,500 Repair Expense $7,000 Service Revenue $13,000 Supplies $19,000 Supplies Expense $10,000 Utilities Expense $6,200 $5,000 $2,500 $13,000 $1,000 $700 $1,800 William Buffalo, Capital 11/1/2016 $40,200 William Buffalo, Drawing $500 1. Open a Blank Workbook and save the file in your Chapter 02 folder as: EA2-A1-FinancialStatements- [YourName] 2. Set the workbook to contain a total of three tabs, one for each financial statement and arranged in the order they will be completed. 3. In the range Al:A3 on each tab

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