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.