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

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Cash Supplies Land Equipment (1) 8,9004) 12,000 (3 ,0001(5).75 4) 36,000 2) 10,000 (6 300 5) 75 (7) 3,700 (7) 3,700 Note Payable Accounts Payable 6300 (3) 1,000 Common Stock 2) 10,000 (4) 24,000 (1 8,900