Provide journal entries for the following transactions:

Investors contributed $70,000 in the business and received ordinary shares as evidence of ownership. Employee salaries of $2,000 were paid in cash. Equipment with a cost of $10,000 was purchased on credit (i.e., Accounts payable). The annual depreciation of equipment is $5,000. Interest income of $2,000 was received in cash. Narrations are not required for the entries.