The first seven transactions of Portman advertising, Inc., have been posted to the companies accounts. 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 Portman moves into the next period, how much cash does the business half? How much does Portman owe in total liabilities?

The first seven transactions of Portman 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 Portman moves Into the next period, how much can does the business have? How much does Portman one in totali? Begin by recording the journal entries start with transaction (1) Record dobits first then credits. Select the explanation on the last line of the journal entry table) Journal Entry Accounts and Explanations Debit Credit Now record the journal entry for transaction (2) Journal Entry Accounts and Explanations Debit Credit Determine the ending balance in each account. (Select the "Bar label and enter each account balance on the correct side of the account.) Supplies Land Cash Equipment 3,200 (3) 900 (5) 95 (4) 35,000 (7) (1) 8.800 (2) 10,500 (5) 95 (4) (6) (7) 8,000 220 3,200 Notes Payable Common Stock Accounts Payable 220|(3) 900 (1) (6) 8.800 (2) (4) 10,500 27,000 As Portman moves into the next period, how much cash does the business have? The company's cash balance is How much does Portman owe in total liabilities? The company owes Cash Land Equipment Supplies 900 (5) 8,000 (3) 95 (4) 35,000 (1) 3,200 7 (1) 8,800 (4) (2) 10,500 (6) (5) 95 (7) 220 3,200 Accounts Payable Common Stock 6) (6) 220(3) 900 Notes Payable (2) 10,500 (4) 27,000 (1) 8,800 Begin by recording the journal entries; start with transaction (1). (Record debits first, the Journal Entry Accounts and Explanations Debit 1. Accounts Payable Cash Now Common Stock Equipment Debit 2. Land Note Payable Supplies Journal Entry Accounts and Explanations Debit Cre 1. Now Borrowed money; signed note payable. Cre 2. Issued common stock. Paid cash for equipment. Paid cash on account. Purchased land by paying cash and signing note payable. Now Purchased supplies on account. Sold supplies for cash. Cre