Module 1 Assignment:
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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