On April 1, 201X, Jacob Sherman opened a real estate office called Sherman Realty. The following transactions were completed in the month of April: 2018 April 1 Jacob Sherman invested $14,000 cash in the real estate agency along with $9,000 of office equipment 1 Rented and paid 4 months' rent in advance to McLay Property Management, $3,600. 1 Bought an automobile on account from Jeep East, $14,000. 4 Purchased office supplies from The Office Store, for cash, $900. 5 Purchased additional office supplies from The Office Store, on account, $450. 6 Sold a house to Bryce Lyman and collected a $6,500 commission. 8 Paid gas bill to Harvey Petroleum Gas Co., $25. 15 Paid Tessa Hardy, office secretary, $550. 17 Sold a building lot to Wet Land Developers and earned a commission, $7,500; payment to be received on May 8. 20 Jacob Sherman withdrew $3,000 from the business to pay personal expenses. 21 Sold a house to Mary Dappler and collected a $8,000 commission. 22 Paid gas bill, $90, to Harvey Petroleum Gas Co. 24 Paid Jeep East $450 to repair automobile. 30 Paid Tessa Hardy, office secretary, $550. 30 Paid Vonage April telephone bill, $200. 30 Received advertising bill for April, $700, from Tampa Herald. The bill is to be paid on May 2. Sherman Realty Chart of Accounts Assets Revenue 111 Cash 411 Commissions Earned 112 Accounts Receivable Expenses 114 Prepaid Rent 511 Rent Expense 115 Office Supplies 512 Salaries Expense 121 Office Equipment 513 Gas Expense 122 Accumulated Depreciation, Office Equipment 514 Repairs Expense 123 Automobile 515 Telephone Expense 124 Accumulated Depreciation, Automobile 516 Advertising Expense Liabilities 517 Office Supplies Expense 211 Accounts Payable 518 Depreciation Expense, Office Equipment 212 Salaries Payable 519 Depreciation Expense, Automobile Owner's Equity 524 Miscellaneous Expense 311 Jacob Sherman, Capital 312 Jacob Sherman, Withdrawals 313 Income Summary 0 Required Work - X 1. Journalize transactions and post to ledger accounts. 2. Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data: a. One month's rent had expired. b. An inventory shows $150 of office supplies remaining. C. Depreciation on office equipment, $170. d. Depreciation on automobile, $300. Requirement 1. Journalize transactions and post to ledger accounts. Start by journalizing the April transactions in the general journal. Prepare the entries in the same order as given in the problem beginning with the investment by Jacob on April 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For purposes this problem, ignore posting references.) Page 1 General Journal Account Titles and Description Date PR Dr. Cr. 2017 Apr. Post the transactions to the ledger accounts. (If more than one transaction is required to post to this account, enter the transactions in the same order as given in the information. Only use as many lines as needed to post the transaction(s) to the accounts. If a box is not used in the table, leave the box empty, do not select a label or enter a zero.) Review the journal entries you prepared above. Cash Post. Ref. Account No. 111 Balance Debit Credit Date Explanation Debit Credit 2018 Apr. Accounts Receivable Account No. 112 Post. Balance Debit Credit Date Explanation Ref. Debit Credit 2018 Apr. Prepaid Rent Account No. 114 Post. Balance Date Explanation Ref. Debit Credit Debit Credit 2017 Apr. Office Supplies Account No. 115 Post. Balance Debit Credit Date Explanation Ref. Debit Credit 2017 Apr. Account No. 121 Office Equipment Post. Explanation Ref. Balance Date Debit Credit Debit Credit 2018 Apr. Automobile Account No. 123 Post. Balance Date Explanation Ref. Debit Credit Debit Credit 2018 Apr. Accounts Payable Post. Explanation Ref. Account No. 211 Balance Debit Credit Date Debit Credit 2018 Apr. Account No. 311 Jacob Sherman, Capital Post. Explanation Ref. Balance Date Debit Credit Debit Credit 2017 Apr. Jacob Sherman, Withdrawals Account No. 312 Post. Ref. Balance Debit Credit Date Explanation Debit Credit 2017 Apr. Commissions Earned Account No. 411 Balance Post. Ref. Date Explanation Debit Credit Debit Credit 2017 Apr. Salaries Expense Account No. 512 Post. Ref. Balance Debit Credit Date Explanation Debit Credit 2017 Apr. Gas Expense Account No. 513 Post. Balance Date Explanation Ref. Debit Credit Debit Credit 2018 Apr. Repairs Expense Account No. 514 Post. Balance Date Explanation Ref. Debit Credit Debit Credit 2017 Apr. Account No. 515 Telephone Expense Post. Explanation Ref. Balance Date Debit Credit Debit Credit 2018 Apr. Account No. 516 Advertising Expense Post. Explanation Ref. Balance Date Debit Credit Debit Credit 2018 Apr. Requirement 2. Prepare a trial balance in the first two columns of the worksheet and then complete the worksheet. Complete the worsheet one section at a time, beginning with the trial balance, then the Adjustments columns. When completing the Adjustments column, enter a posting reference along with each debit or credit amount that corresponds to the letter of the adjusting entry (a, b, C., etc.) For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (If a box is not used in the worksheet, leave the box empty; do not select a label or enter a zero.) Review the general ledger tables you prepared above. Sherman Realty Worksheet For the Month Ended April 30, 201X Trial Balance Debit Credit Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Account Titles Cash Accounts Receivable Prepaid Rent Office Supplies Office Equipment Automobile Accounts Payable Jacob Sherman, Capital Jacob Sherman, Withdrawals Commissions Earned Salaries Expense Gas Expense Repairs Expense Telephone Expense Advertising Expense Totals Rent Expense Office Supplies Expense Dep. Expense, Office Equip Acc. Dep., Office Equip. Dep. Expense, Automobile Acc. Dep., Automobile Totals Net income Totals