Prepare journal entries to record the transactions during the month of September detailed below. 

1. Susan started the business by investing cash of $25,000, equipment with a fair value of $7,000 and painting supplies with a fair value of $1,000.

2. Entered into a painting contract with a client for a total of $3,500 that provided a deposit of $800 prior to commencing any work.

3. Purchased painting supplies for $400 on account.

4. Received cash of $1,500 for painting services rendered.

5. Paid for one year insurance in advance, $2,600.