Exercise 8-30 (Algo) General Ledger Exercise; Inventory Transactions (LO8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 8-8] On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (5%, due next year) Common stock Retained earnings Totals Debit $ 30,000 Credit 27,000 33,000 64,000 235,000 $ 34,000 28,000 194,000 133,000 $ 389,000 $ 389,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased Inventory on account for $338,000. b. Sold Inventory on account for $610,000. The cost of the Inventory sold was $318,000. c. Received $572,000 from customers on accounts receivable. d. Paid freight on Inventory received, $32,000. e. Paid $328,000 to Inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $6,000. f. Pald rent for the current year, $50,000. The payment was recorded to Rent Expense. g. Pald salaries for the current year, $158,000. The payment was recorded to Salarles Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $5,000. b. Accrued Interest expense on notes payable for the year. c. Accrued Income taxes at the end of December are $26,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)