1) Rite Shoes was involved in the transactions described below. Required: Prepare the appropriate journal entry for each transaction. If an entry is not needed, state "No Entry" (1 pt each)

I. Purchased $8,200 of inventory on account.

2. Paid weekly salaries and wages, $920.

3. Recorded sales for the first week: Cash: $7,100; On account: $5,300.

4. Paid for inventory purchased in event (1).

5. Placed an order for $6,200 of inventory.

2) Flint Hills, Inc. has prepared a year-end 2018 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred.

Required: Prepare adjusting journal entries, as needed, for the following items. (1 point each)

1. The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand. 2. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $420 in insurance expense. A review of insurance policies reveals that $125 of insurance is unexpired.

3. Flint Hills employees work Monday through Friday, and salaries of $2,400 per week are paid each Friday. Flint Hills' year-end falls on Tuesday.

4. On December 31, 2018, Flint Hills received a utility bill for December electricity usage of $190 that will be paid in early January of 2019.