E2-19A. (Learning Objectives 1,4, 5: Explain twbat a transaction is analyze the impact of busi- ness transactions on the accounts; record (journalize) transactions) The first seven transactions of Follett Advertising, Inc., have been posted to the company's accounts: Cash Supplies Land Equipment (1) 8,700 4 3,000 (3) 00 (5) (2) 9,000 (6)270 (5) 65 (7) 3,500 65 (4) 33,000 (7) 3,500 Accounts Payable (6) 270 (3)500 Note Payable Common Stock (2) 9,000 (4) 30,000 (1) 8,700 Requirement 1. Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. As Follett moves into the next period, how much cash does the business have? How much does Follett owe in total liabilities