The accounting cycle? Help please?

Accounting Income Statement and Balance sheet help please?

• 1. Create an Income Statement and Balance Sheet from the activities you have recorded Transactions 6/28/10 Issued common stock for $130,000. 6/30/10 Purchased automatic book shelving equipment for $6,000 in cash. The equipment is expected to last 4 years and have no residual value. 6/30/10 Purchased a really cool cash register for $50,000, to be paid in December of 2012. This equipment is expected to have no residual value after its 5 year life. 6/30/10 Paid $7,500 in cash to purchase 100 books for Accounting Students before the semester began. 6/30/10 Paid $15,000 in cash to purchase 100 books for Physics Students. 6/30/10 Paid $24,000 for 6 months rent paid in advance. 7/4/10 Stewart, a savvy student, purchased 40 Physics Books for $200 each, in the hopes that the Bookstore would run out and the student could charge a premium to other students needing the text. This was a credit sale. 7/5/10 Samantha, another student, thought this was a great idea and purchased 36 Physics books for $200 each and also 20 Accounting Books for $100 each. This was a credit sale. 7/6/10 Professor Berley purchased 68 Accounting Books for $100 each. This was a credit sale. 7/15/10 Paid our employees wages. Employees worked 400 hours at $12.50 per hour. 7/16/10 Stewart paid $8,000 on his account. 7/16/10 Professor Berley paid $6,800 on her account. 7/17/10 Sam paid $7,140 on her account. 7/18/10 Purchased 88 Accounting Books for $6,600, on account. 7/18/10 Purchased 76 Physics Books for $11,400 on account. 7/28/10 Paid $6,600, on our account with the Accounting Book Company (Wiley). 7/28/10 Paid $11,400 on our account with the Physics Book Company (McGraw-Hill). 7/31/10 Accrue rent expense for the month 7/31/10 Accrue depreciation expense on the automatic book shelving equipment 7/31/10 Accrue depreciation expense on the cash register 7/31/10 Accrue wage expenses for the second half of the month. Employees again worked 400 hours at $12.50 per hour.

• Answer:

  I suggest you review your text book again, and then try to do this work by yourself. That is the ONLY way you'll ever grasp the accounting concept. Asking others to do your work is self-defeating.