The first 7 transactions of Yellow Pages Advertising, Inc., have been posted to the company's accounts as follows:

Required
Prepare the journal entries that served as the sources for the 7 transactions. Include an explanation for each entry. As Yellow Pages moves into the next period, how much cash does the business have? How much does Yellow Pages owe in total liabilities?

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Cash Supplies Equipment Land (1) 20,000 (3) 8,000 (4) ,000 (5) 100 (6) 8,000 (2) 7,000 (6 8,000 (5) 100 (7)400 (3) 31,000 Accounts Payable Note Payable Common Stock (7) 400 (4 1,000 (2) 7,000 (3) 23,000 (1) 20,000