JOURNAL ENTRIES -- Prepare the journal entries for the following activities. (5 points each) Sold office equipment for $700. The equipment originally cost $2,000 and has accumulated depreciation of $1,500. Sold merchandise on account for $2,000. Cost of the merchandise was $1,200. Received advance payment of $3,000 for services to be provided next month. Purchased new office equipment costing $4,000 by paying $1,500 in cash and signing a note for the balance. Received payment from the customer for the sale in item 2 above. Paid $600 for three months of insurance coverage. Purchased $2,600 of inventory on account. Returned $200 of defective merchandise from the purchase in item 7 above, receiving a credit to our account. Paid for the purchase in item 7 above, less the return in item 8. Received an invoice of $250 from the landscaping company for lawn care services for the month