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$

From January $1$ to December $31,$ the following summary transactions occurred:

a$.$ Purchased inventory on account for $$330,000.$

b$.$ Sold inventory on account for $$570,000.$ The cost of the inventory sold was $$310,000.$

c$.$ Received $$540,000$ from customers on accounts receivable.

d$.$ Paid freight on inventory received, $$24,000.$

e$.$ Paid $$320,000$ to inventory suppliers on accounts payable of $$325,000.$ The difference reflects purchase discounts of $$5,000.$

f$.$ Paid rent for the current year, $$42,000.$ The payment was recorded to Rent Expense.

g$.$ Paid salaries for the current year, $$150,000.$ The payment was recorded to Salaries Expense.

Year$-$end adjusting entries:

a$.$ Supplies on hand at the end of the year are $$8,000.$

b$.$ Accrued interest expense on notes payable for the year.

c$.$ Accrued income taxes at the end of December are $$18,000.$

Complete this question by entering your answers in the tabs below.

Requirement

General

General

Trial Balance Income

Balance Sheet

Analysis

Record each of the transactions listed above in the "General Journal" tab $($these are shown as items $1-8)$ assuming a perpetual inventory system. Review the "General Ledger" and the "Trial Balance" tabs to see the effect of the transactions on the account balances.

Record adjusting entries on December $31$ in the "General Journal" tab $($these are shown as items $9-11).$

Review the adjusted "Trial Balance" as of December $31,2024,$ in the "Trial Balance" tab.

Prepare a multiple$-$step income statement for the period ended December $31,2024,$ in the "Income Statement" tab.

Prepare a classified balance sheet as of December $31,2024,$ in the "Balance Sheet" tab.

Record the closing entries in the "General Journal" tab $($these are shown as items $12-13).$

Using the information from the requirements above, complete the "Analysis" tab.