*component of the conceptual framework qualitative characteristic, element, or principle

1. Ordinary operating maintenance on equipment was recorded as follows:

Equipment			2,500
	Accounts Payable				2,500

2. Trimm received an advance on a custom order for merchandise that will be shipped during the next accounting year.

Cash			8,000
	Sales Revenue				8,000

3. Trimm Corporation is holding inventory on consignment for Rubber Ltd. Trimm will only pay Rubber when a sale is made to a customer. Trimm made the following entry when it received the inventory:

Inventory			15,000
	Accounts Payable				15,000

4. On the last day of the accounting period, a 12-month insurance policy was purchased. The insurance coverage is for the next accounting year.

Insurance Expense			4,000
	Cash				4,000

(a1) For each transaction, determine which component of the conceptual framework (i.e., qualitative characteristic, element, or principle) was violated.