The first seven transactions of Frontier Advertising, Inc., have been posted to the company’s accounts:

Requirement

Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. Determine the ending balance in each account. As Frontier moves into the next period, how much cash does the business have? How much does Frontier owe in total liabilities?

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Cash Supplies Land Equipment (1) 8,500 (4) 800 | (5) 13,000 310 (3) 45 (4) 38,000 (7) 3,900 (2) 9,000 (6) (5) 45 | (7) 3,900 Accounts Payable 10/(3) Note Payable Common Stock T(1) (2) (4) (6) 800 8,500 9,000 25,000