The first seven transactions of Common 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 Common moves into the next period, how much cash does the business have? How much does Common 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.) 1. Journal Entry Accounts and Explanations Debit Credit Data table Cash (1) 8,400 (4) 7,000 (3) Supplies 600 (5) Land Equipment 55 (4) 36,000 (7) 3,700 (2) 11,500 (6) 280 (5) 55 (7) 3,700 Now record the journal entry for transaction (2). Journal Entry Accounts Payable Notes Payable Common Stock Accounts and Explanations Debit Credit (6) 280 (3) 600 (2) 11,500 (1) 8,400 2. (4) 29,000 Now record the journal entry for transaction (3). Journal Entry Accounts and Explanations Debit Credit Print Done Now record the journal entry for transaction (4). Journal Entry Accounts and Explanations Debit Credit 4. Now record the journal entry for transaction (5). Journal Entry Accounts and Explanations Debit Credit 5. Now, record the journal entry for transaction (6). Journal Entry Accounts and Explanations Debit Credit 6. Determine the ending balance in each account. (Select the "Bal" label and enter each account balance on the correct side of the account.) Cash Supplies Land (1) 8,400 (2) (4) 7,000 11,500 (6) 280 (3) 600 (5) 55 (4) 36,000 (5) 55 (7) 3,700 Accounts Payable Notes Payable Common Stock 280 (3) 600 (2) 11,500 (1) 8,400 (4) 29,000 As Common moves into the next period, how much cash does the business have? The company's cash balance is How much does Common owe in total liabilities? The company owes Equipment (7) 3,700