Exercise 8-30 (Algo) General ledger exercise; inventory transactions [ LO8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 88] On January 1, 2024, Displays Incorporated had the following account balances: From January 1 to December 31 , the following summary transactions occurred: a. Purchased inventory on account for $350,000. b. Sold inventory on account for $670,000. The cost of the inventory sold was $330,000. c. Received $596,000 from customers on accounts receivable. d. Paid freight on inventory received, $44,000. e. Paid $340,000 to inventory suppliers on accounts payable of $349,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $62,000. The payment was recorded to Rent Expense. 9. Paid salaries for the current year, \$170,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $8,000 b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $38,000. Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, selec 1 Purchased inventory on account for $350,000. Record the transaction. 2 Sold inventory on account for $670,000. Record the transaction. 3 The cost of the inventory sold was $330,000. Record the transaction. 4 Received $596,000 from customers on accounts receivable. Record the transaction. 5 Paid freight on inventory received, $44,000. Record the transaction. 5 Daid 24n nnn tn inventnn cnnliere nn arrnuinte Note : = journal entry has been entered 6 Paid $340,000 to inventory suppliers on accounts payable of $349,000. The difference reflects purchase discounts of $9,000. Record the transaction. 7 Paid rent for the current year, $62,000. The payment was recorded to Rent Expense. Record the transaction. 8 Paid salaries for the current year, $170,000. The payment was recorded to Salaries Expense. Record the transaction. payment was recorded to Salaries Expense. Record the transaction. 9 Supplies on hand at the end of the year are $8,000. Record the adjusting entry for supplies. 10 Record the adjusting entry for accrued interest expense on notes payable. 11 Accrued income taxes at the end of December are $38,000. Record the adjusting entry for income taxes. 12 Record the closing entry for revenue accounts. 13 Record the closing entry for expense accounts. Note : =journal entry has been entered