REQUIRED WORK.

1. Prepare Statement of Owner's Equity

2. From the Worksheet post adjusting and closing entries

_____________________________________________________________________________________________________________________________________________________1.Prepare a statement of owner's equity.(April is the first month of operation and began with a "0" balance. The capital balance as reported in the unadjusted trial balance is the investment by the owner into the business, made on April 1. Complete all answer boxes. Enter a "0" for any zero balances. Use a minus sign or parentheses for a decrease in capital.)

2. Post the adjusting and closing entries to the ledger. Sherman Realty's April transactions have been entered into the ledger accounts for you. (If more than one entry is required to post to an account, post the entries in the same order as the journal entries you prepared above. If the balance is zero after posting an entry, leave the balance columns blank. Do not enter a "0". For purposes of this problem, ignore posting references.)

Sherman Realty Worksheet For the Month Ended April 30, 201X Trial Balance Adjusted Trial Balance Income Statement Balance Sheet Adjustments Debit Credit Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Cash 19,135 19.135 Accounts Receivable 7,500 19.135 7.500 2,700 7.500 900 3,600 1,350 b. 1,200 150 2.700 150 9,000 9.000 9.000 14,000 14.000 14,000 15,150 15,150 Prepaid Rent Office Supplies Office Equipment Automobile Accounts Payable Jacob Sherman, Capital Jacob Sherman, Withdrawals Commissions Earned Salaries Expense Gas Expense 15,150 23,000 23.000 23.000 3,000 3,000 3,000 22.000 22.000 22.000 1.100 1,100 1,100 115 115 115 Repairs Expense 450 450 450 Telephone Expense 200 200 200 700 700 700 Advertising Expense 80,150 60.150 a. 900 900 900 b. 1,200 1.200 1.200 Totals Rent Expense Office Supplies Expense Dep. Expense, Office Equip. Acc. Dep., Office Equip Dep. Expense. Automobile Acc. Dep., Automobile 170 170 170 170 170 170 300 300 300 300 300 300 d. 2.570 2.570 80.620 80.620 Totals 22.000 55.485 5.135 16,865 38,620 16.865 Net income 22.000 22.000 55.485 55.485 Totals 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 Sherman Realty Statement of Owner's Equity For the Month Ended April 30, 201X Jacob Sherman, Capital, April 1, 201X Total Investments Less: in Capital MI Cash Account No. 111 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 1 14,000 14,000 1 3,600 900 10,400 9,500 4 6 6,500 16.000 25 15,975 15,425 15 550 20 3.000 12,425 21 8,000 20,425 22 90 20,335 24 450 19,885 30 550 19,335 30 200 19,135 Accounts Receivable Account No. 112 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 17 7,500 7,500 Prepaid Rent Account No. 114 Balance Post Ref. Date Explanation Debit Credit Debit Credit 201X Apr. 1 3,600 3.600 Account No. 115 Office Supplies Post Explanation Ref. Balance Date Debit Credit Debit Credit 2017 Apr. 900 900 5 450 1,350 Office Equipment Account No. 121 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 9,000 9,000 Accum. Depreciation, Office Equipment Account No. 122 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. Automobile Account No. 123 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 1 14,000 14.000 Accum. Depreciation, Automobile Account No. 124 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. Accounts Payable Post Explanation Ref. Account No. 211 Balance Date Debit Credit Debit Credit 2018 Apr. 1 14,0001 14,000 5 450 14,450 30 700 15,150 Account No. 311 Jacob Sherman, Capital Post. Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 23,000 23,000 Jacob Sherman, Withdrawals Account No. 312 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 201 3,000 3,000 Income Summary Account No. 313 Post. Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. Commissions Earned Account No. 411 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 6 6,500 6,500 7,500 17 14.000 22.000 21 8,000 Rent Expense Account No. 511 Post Balance Date Explanation Ref. Debit Credit Debit Credit 2018 Apr. Salaries Expense Account No. 512 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 151 550 550 30 550 1.100 Gas Expense Account No. 513 Post. Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 8 25 25 22 90 115 Account No. 514 Repairs Expense Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 24 450 450 Telephone Expense Account No. 515 Post Balance Debit Credit Date Explanation Ref. Debit Credit 201X Apr. 30 200 200 Advertising Expense Account No. 516 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. 30 700 700 Office Supplies Expense Account No. 517 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. Depreciation Expense, Office Equipment Account No. 518 Post Balance Date Explanation Ref. Debit Credit Debit Credit 201X Apr. Depreciation Expense, Automobile Account No. 519 Post. Balance Date Explanation Ref. Debit Credit Debit Credit 2017 Apr