Assignment: Bill Smith opened Smith Construction on April 1, 20xx. The following amounts summarize the transactions and financial position of Smith construction as of May 31.
During May the following transactions occurred:
1-May Smith received $10,000 as an inheritance and used it to buy stock in the company.
7-May Smith paid his accounts payable balance.
15-May Smith replaced some windows for a client and received $5,000 cash for his services.
17-May Smith collected $1,200 from a customer for a job performed in April.
20-May Smith purchased supplies for $1,000 on account.
24-May Smith gave a bid to a customer and billed the customer for the services performed $800.
25-May Smith sold $5,000 of company stock to his brother.
28-May Smith paid wages to his workers of $1,800.
30-May Smith paid office rent of $1,000.
30-May Smith paid dividends to himself of $1,400.