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.