Prepare the jornal entries that served as the sources for the seven transaction. Include an explanation for each entry. As Big horn moves into the next period, how much cash does the business have? how much does big horn owe in liabilities?

LO 1 4 5E2-33B. (Learning Objectives 1, 4, 5: Explain what a transaction is; analyze the impact of business transactions on accounts; record [journalize] transactions in the books) The first seven transactions of Big Horn Advertising, Inc., have been posted to the company's accounts Cash Land Supplies 800 (5) Equipment ) 8.6004)70003)800 5) 704) 36,000m) 3,900 70 4) 36,000 (7) 3,500 (2) 7,500 (6) 70 1 (7) 230 3,500 Accounts Payable 230 (3) Note Payable Common Stock (2) 7,500 (4) 29,000 (1) 8,600 800