An inexperienced accountant for Cant Add Company recorded the following transactions in the records of the company for the year ended December 31, 2019. The controller has questioned the appropriateness of the entries since she thinks that they have not been recorded in accordance with generally accepted accounting principles.

1. An order for $61,500 was received from a customer on December 29, 2019 for products on hand. This order was shipped f.o.b. shipping point on January 9, 2020. The accountant made the following entry in 2019:

Accounts Receivable .. 61,500

Sales Revenue . 61,500

2. Because of a fire sale, equipment that was obviously worth $200,000, was acquired at a bargain price of $155,000. The following entry was made:

Equipment . 200,000

Cash . 155,000

Gain on Equipment .. 45,000

3. On January 1, the company president, the owner of the company, took a personal vacation trip to the Gasp. The trip cost $ 3,000. The accountant recorded the entry as follows:

Travel Expense ............................................................................. 3,000

Accounts Payable ................................................................... 3,000

4. The company purchased on account a wastebasket on December 31 at a cost of $ 20. The accountant made the following entry:

Office Equipment ........................................................................... 20

Accounts Payable ................................................................... 20

In each situation above, identify the concept that has been violated, if any and why you think it has been violated. If a journal entry is incorrect, provide the correct journal entry.