1. Sales total $29,170 in 2014; all sales were cash sales. 2. Inventory purchases total $15,240 in 2014; at December 31, 2014, inventory totals $2,900. Assume all purchases are made on account. 3. Accounts payable totals $820 at December 31, 2014. 4. Annual store rent for $4,800 and was paid on March 1, 2014, covering the next 12 months. The balance in prepaid rent at December 31, 2013, was the balance remaining from the advance rent payment in 2013. 5. Wages are paid every other week on Friday; during 2014, Fischer paid $2,500 cash for wages. At December 31, 2014, Fischer owed employees unpaid and unrecorded wages of $70. 6. Depreciation on equipment totals $340 in 2014.

(b) Prepare any necessary transaction entries for 2014 and adjusting entries at December 31, 2014, in journal entry form.