Prove your mastery! Your results will report to the gradebook. If you are not ready to submit work for a grade, you can try activities again or attempt the Practice Mastery. Your work will be saved as you work through each part. 1 Enter the transactions into the T-accounts and then into the fourcolumn ledgers. Be sure to calculate the balance after each entry in the four-column ledgers. On Dec. 17, purchased $5,000 of equipment on account. On Dec. 17, owner contributed $7,000 in furniture in exchange for common stock Common Stock Common Stock Date Explanation Ref Debit Credit Balance Post the transaction to the four-column ledger account and crossreference the posting back to the journal entry. Notes Payable Account Nn jon After journalizing entries, information can be entered into T-Accounts and/or the four-column ledger. Enter the information from the T Account and calculate the running balance in the appropriate place in the four-column ledger to review the similarities between the two formats. Be sure to enter the transactions in chronological order