The first seven transactions of Gallagher Advertising, Inc., have been posted to the company's accounts: E: (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 Gallagher moves into the next period, how much cash does the business have? How much does 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 Data Table Accounts and Explanations Debit Credit 1 Cash 8400 Common Stock 8400 Cash Supplies Land Equipment (1) 8,400 (4) 7,000 (3) 700 (5) 80 (4) 39,000 (7) 4,100 (2) 230 Issued common stock. 11,500 (6) 80 (7) (5) 4.100 Now record the journal entry for transaction (2). Journal Entry Accounts Payable Notes Payable Common Stock Accounts and Explanations Debit Credit (6) 230|(3) 700 (2) 11,500 (1) 8,400 2. Cash 11500 (4) 32,000 Note Payable 11500 Print Done Borrowed money, signed note payable