On January 1, 2021, Displays Incorporated had the following account balances:

Accounts		Debit			Credit
Cash	$	32,000
Accounts receivable		29,000
Supplies		35,000
Inventory		65,000
Land		237,000
Accounts payable				$	38,000
Notes payable (7%, due next year)					30,000
Common stock					196,000
Retained earnings					134,000
Totals	$	398,000		$	398,000

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

1. Purchased inventory on account for $340,000.
2. Sold inventory on account for $620,000. The cost of the inventory sold was $320,000.
3. Received $576,000 from customers on accounts receivable.
4. Paid freight on inventory received, $34,000.
5. Paid $330,000 to inventory suppliers on accounts payable of $338,000. The difference reflects purchase discounts of $8,000.
6. Paid rent for the current year, $52,000. The payment was recorded to Rent Expense.
7. Paid salaries for the current year, $160,000. The payment was recorded to Salaries Expense.

Year-end adjusting entries:

1. Supplies on hand at the end of the year are $9,000.
2. Accrued interest expense on notes payable for the year.
3. Accrued income taxes at the end of December are $28,000.

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.)