Journalize each transaction and identify each transaction by number. Omit explanations but be sure to label your answers and BE SURE to list the debit(s) first and credit(s) second in case the spacing doesn't carry through when it is submitted.

1. Received $50,000 from stockholders.

2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder.

3. Paid $3,000 rent for the month.

4. Recorded $12,500 of services provided on account.

5. Paid wages of $9,500.

6. Received $7,000 in cash for services provided.

7. Collected $2,000 from customers on account.