Financial accounting

E2-19A. (Learning Objectives 1,4,5. Explain sobat a transaction is, analyze the impact of busi ness transactions on the accounts; record Gournalize) transactions) The first seven transactions of Follett Advertising, Inc, have been posted to the company's accounts: Supplies Land Equipment Cash (1) 8,700 4) 3,000 ()00 s) 6 (4) 33,000 (2) 9,000 (6) (5) 65 7)3,500 270 (7) 3,500 Note Payable Accounts Payable (6) 2701(3) 500 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