We-Sell Realty, organized August 1, 2019, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations?

Omar Farah
Statement of Owner's Equity
August 31, 2018
Omar Farah, capital, August 1, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0
Withdrawals during August . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €‰ (10,000)
$(10,000)
Investment on August 1, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €‰€‰€‰€‰ 15,000
$ 5,000
Net income for August . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000
Omar Farah, capital, August 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,000
Balance Sheet
For the Month Ended August 31, 2019
Assets
Cash . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,900
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €‚ 22,350
Total assets . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $31,250
Liabilities
Accounts receivable . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $38,600
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000
Owner's Equity
Omar Farah, capital . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
Total liabilities and owner's equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $72,600

Transcribed Image Text:

We-Sell Realty Income Statement August 31,2019 $140,000 Expenses 7,500 1,150 $ 25,000