Home / Questions / We-Sell Realty organized August 1 2019 is owned and operated by Omar Farah How many errors...
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 . . . . . . . . .
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