(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) The fi rst seven transactions of Fournier 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 Fournier moves into the next period, how much cash does the business have? How much does Fournier owe in total liabilities?