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