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

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

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Cash Supplies 800T(S) Land Equipment 5.700T (1) 10,100|(3) 7,000 (2) 7,300 5,700 (5) 130(7) 140 - (4) 35,000T 130, (6) (3) 35,000 Accounts Pavable Note Payable Common Stock (7) 140 (4) 800 (2) 7,300 (3) 28,000 (1) 10,100