Prepare journal entries for the following transactions
Maxwell invested in $8,500 in cash and $4,000 in equipment for $12,500 of the common stock of Maxwell Repair Inc.
Paid cash $1,200 for rent
Purchased repair supplies on credit $2,500 from Sampson Inc
Purchased equipment for $1,000
Provided repair services for a customer and received $3,500 in cash
Paid Sampson Inc. for the repair supplies purchased in (c)
Provided repair services of $1,400 and billed the customer who will pay next week
Paid salary of $500 to an employee
Received $1,400 in cash from the customer in (g)
Declared and paid a dividend of $700