W, wal shareholders' equity E2-31B. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) The first seven transactions of Portman Advertising, Inc., have been posted to the LO 2 company's accounts as follows: Cash Supplies Equipment (1) 9,000 (3) 6,500 750(5) (2) 7,000 6,300 (6) 7,000 28,500 (5) 90 (7) (4) Land (6) (3) 70 9,000 Accounts Payable Note Payable Share Capital (7) 70(4) 750 (2) 6,300 (3) 22,000 Requirement 1. Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. As Portman moves into the next period, how much cash does the business have? How much does Portman owe in total liabilities