The first seven transactions of Acme Advertising, Inc., have been posted to the company's accounts: (Click the icon to view the accounts.) Requirement 1. Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. Determine the ending balance in each account. As Acme moves into the next period, how much cash does the business have? How much does Acme owe in total liabilities? Begin by recording the journal entries; start with transaction (1). (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Accounts and Explanations Debit Credit 1.