The first seven transactions of Big Horn Advertising, Inc., have been posted to the company€™s accounts:

Requirement
1. Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. As Big Horn moves into the next period, how much cash does the business have? How much does Big Horn owe in totalliabilities?

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Cash Supplies Land Equipment (a) 7,000 )5,900 (4) 820 5 130 (6) 36,0 (3) 590 S,900 (2) 8,300 7,000 (5) 130 (7) 140 Accounts Payable Note Payable Common Stock (7) 140 4) 820 (2) 8,300 (3) 29,000 ) 7,000