On January 1, 2021, Displays Incorporated had the following account balances: Credit Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (68, due next year) Common stock Retained earnings Totals Debit $ 23,000 20,000 26.000 66,000 228,000 $ 20,000 21,000 187,000 135,000 $363,000 $363,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $331,000. b. Sold inventory on account for $575,000. The cost of the inventory sold was $311,000. c. Received $544,000 from customers on accounts receivable. d. Paid freight on inventory received, $25,000. e. Paid $321,000 to inventory suppliers on accounts payable of $327,000. The difference reflects purchase discounts of $6,000. 1. Paid rent for the current year, $43,000. The payment was recorded to Rent Expense. g. Pald salaries for the current year, $151,000. The payment was recorded to Solarles Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $9,000. b. Accrued interest expense on notes pavable for the vear. a. Supplies on hand at the end of the year are $9,000. b. Accrued interest expense on notes payable for the year c. Accrued income taxes at the end of December are $19,000. 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.) View transaction list Journal entry worksheet