On January $1,2024,$ Displays Incorporated had the following account balances:

$\backslash$table$[[$Account titles,Debit,Credit$],[$Cash$,$$$22,000,],[$Accounts receivable,$19,000,],[$Supplies$,25,000,],[$Inventory$,60,000,],[$Land$,227,000,],[$Accounts payable,,$$18,000$

$\backslash$table$[[$Requirement$,\backslash$table$[[$General$],[$Journal$]],\backslash$table$[[$General$],[$Ledger$]],$Trial Balance,$\backslash$table$[[$Income$],[$Statement$]],$Balance Sheet,Analysis$]]$

Prepare the journal entries for transactions.

Note: If no entry is required for a particular transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$13$

Purchased inventory on account for $$330,000.$ Record the transaction.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$Account Title,Debit,Credit$],[$January $02,,,],[,,,],[,,,],[,,,],[,,,]]$

On January $1,2024,$ Displays Incorporated had the following account balances:

$\backslash$table$[[$Account titles,Debit,Credit$],[$Cash$,$$$22,000,],[$Accounts receivable,$19,000,],[$Supplies$,25,000,],[$Inventory$,60,000,],[$Land$,227,000,],[$Accounts payable,,$18,000],[$Notes payable $(5\%,$ due next year$),20,000,],[$Common stock,,$186,000],[$Retained earnings,$$353,000,$$$353,000$

On January $1,2024,$ Displays Incorporated had the following account balances:

$\backslash$table$[[$Account titles,Debit,Credit$],[$Cash$,$$$22,000,],[$Accounts receivable,$19,000,],[$Supplies$,25,000,],[$Inventory$,60,000,],[$Land$,227,000,],[$Accounts payable,,$18,000],[$Notes payable $(5\%,$ due next year$),,20,000],[$Common stock,,$186,000],[$Retained earnings,$$353,000,$$$353,000$