(Learning Objectives 2, 3: Analyzing and recording transactions) During December, Swanson Auction Co. completed the following transactions:

Swanson’s business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Accounts Payable, Notes Payable, Share Capital, Dividends, Service Revenue, Salary Expense, Rent Expense, Advertising Expense, and Utilities Expense.

❙ Requirements 1. Journalize each transaction of Swanson Auction Co. Explanations are not required.

2. Post to these T-accounts: Cash, Accounts Payable, and Notes Payable.

3. After these transactions, how much cash does the business have? How much does it owe in total liabilities?