[Salman_Rsahid]

Business started December 31,2007, Investment of $ 30,000 cash It has been operating for one year. Additional investment $ 20,000, The company rent out snowboard and related gear . The balance sheet accounts at November 30, 2008 are as follows.
Cash: $ 2,000
Accounts receivable : $ 18,000
Rental Gear : 36,000
Snowboard: 68,000
Store Equipment: $ 26,000
Accounts Payable :$ 24,000
The Following Transactions took place during the month of December 2008
Dec 1, invest $ 24,000
Dec 1, Business paid $ 6,000 for the month's rent
Dec 6, Rental fees for week were : gear $ 12,000 and Boards,$ 28,000 Half CASH AND Half
ON ACCOUNT
Dec 10, BUSINESS PAID ACCOUNT PAYABLE
FROM NOV 30, 2008
DEC 12: Business PURCHASES Gear $ 18000 and boards $ 28,000
DEC 13, Rental Fees for week : Gear $ 6,000 and snowboard in cash
DEC 15 received payment for the account/ receivable owing for November
DEC 18 purchased equipment : 8,000 and pay cash 2,000, Balance due 60 days
Dec 20 rental fees Gear 8,000 and Board $ 20,000, Half cash ans Half on accounts
Dec 24 Business paid balance on Dec,12 owing for purchases
Dec 27 rental fees for Gear: 4,000 Board $ 16,000 Cash
Dec 27 company received payment for rental fees on account from December 6
Prepare income statement Balance Sheet for DEC 31, 2008

[pready]

You need to set-up T accounts for all of your accounts with the beginning account balances in either the debit or credit side of the T accounts. Now you post your transactions and after you post all of your transactions you need to get your ending account balances. Next you transfer your T account balances to a worksheet and get a trial balance. If your trial balance balances you will be able to prepare your income statement.