Caddis Realty, organized June 1, 2006, is owned and operated by Jerry Maris. How many errors can you find in the following financial statements for Caddis Realty, prepared after its second month ofoperations?

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Caddis Realty Income Statement July 31, 2006 Sales commissions .. Operating expenses: $51,900 Rent expense ..._ . 11,000 800 300 Supplies expense Total operating expenses.. .. 47,000 $14,900 Net income Jerry Maris Statement of Owner's Equity July 31, 2005 2,000 S8,400 Additional investment during July . .. . . . . . .. . . . . .._.. . . . .. . . . .2,500 $10,900 Net income for the month .. .. . .. . - .. . .. . . .. .. 14,900 Balance Sheet For the Month Ended July 31, 2006 Assets Liabilities Accounts payable 3,800 Owner's Equity Total assets 7,10 Total liabilities and owner's equity 42,100