The first seven transactions of Follett 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 Follett moves into the next period, how much cash does the business have? How much does Follett owe in totalliabilities?

Transcribed Image Text:

Cash Supplies Land Equipment (1) 8,700(4) 3,000 (3) 50(S)(4 33,000 (2) 9,000 | (6) 270 (5) 65 (7) 3,500 (7) 3,500 Accounts Payable Note Payable Common Stock (6) 270 (3) 500 (2) 9,000 (4) 30,000 1) 8,700