Prepare a journal entry for each.
All August 2017 transactions follow:
1. Provided services on account for a total of $400,000.
2. Customers redeemed gift cards for $17,000 in services.
3. Used $15,000 in parts and supplies.
4. Sold an investment costing $7,000 for $5,000 cash.
5. Paid accounts payable of $68,000.
6. Collected $206,500 on customer accounts.
7. Issued common stock for $78,000.
8. Purchased $38,000 of equipment in exchange for a note payable due on March 1, 2018.
9. Paid $86,000 for employee services. $40,000 was for July services and $9,000 was for services to be performed in September.
10. Received a $2,000 bill for August utilities.
11. Paid $2,500 for August radio advertisements.
12. Received an interest payment $500 including the interest accrued at 7/31/2017.
13. Paid $9,000 for August rent.