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Required: Prepare journal entries for each of the following transactions:
1.Issued common stock for $3,000 cash.
2.Purchased $2,000 of equipment on credit.
3. Paid $400 cash for this months rent
4. Purchased on credit $4,000 of supplies to be used next month.
5. Billed $2,500 to customers for or $1,000 in cash. Repairs made to date.
6.Paid cash for onehalf of the amount owing in transaction 4
7.Collected $500 of the amount billed in transaction 5
8. Sold onehalf of the equipment purchased in transaction 2 above
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