William Olson opened Olson Construction on May 1, 2017. The following amounts summarize the transactions and financial position of Olson Construction as of May 31.
During May the following transactions occurred:
1-May
Olson purchased $15,000 of stock in the company.
2-May
Olson purchased $4,000 of equipment for the company with cash.
7-May
Olson purchased supplies for $1,000 on account.
15-May
Olson replaced some windows for a client and received $8,000 cash as payment in full at the time of service.
17-May
Olson billed a customer for an estimate provided. The estimate service performed cost $1,800.
20-May
Olson paid $750 of his accounts payable balance as of May 20th.
24-May
Olson collected a partial payment of $1,000 from the customer for the job performed and billed on May 17.
25-May
Olson sold $5,000 of company stock to his brother.
28-May
Olson paid wages to his workers of $2,200.
30-May
Olson paid office rent of $1,500.
30-May
Olson paid dividends to himself of $1,600.
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