Final answer:
A transponder equipped aircraft flying VFR should squawk code 1200, unless otherwise authorized, with codes 7600 and 7700 designated for specific emergencies.
Step-by-step explanation:
When flying a transponder equipped aircraft under Visual Flight Rules (VFR), a pilot should squawk the VFR code, which is 1200. This code is used throughout the United States and Canada to indicate a general VFR flight not receiving air traffic control services. It's important to remember that the other squawk codes mentioned have specific emergency purposes: 7600 is used in the event of a radio communication failure, and 7700 is reserved for general emergencies.