The first seven transactions of Portman Advertising, Inc. have been posted to the company's accounts as follows:

$($i$)($Click the icon to view the accounts.$)$

Requirement

Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. As Portman moves into the next period, how much cash does the

business have? How much does Portman owe in total liabilities?

Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. $($Remember$,$ when preparing journal entries record debits first, then credits.

Leave unused cells blank. Explanations will appear on the last line of the journal entry.$)$

Begin by recording the journal entries; start with the first transaction.