CP 22 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 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 for $1,000 in cash.