On January 1, 2024, Displays Incorporated had the following account balances: Account Title Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (5%, due next year) Common stock Retained earnings Totals Debit $ 27,000 Credit 24,000 30,000 62,000 232,000 $ 28,000 25,000 191,000 131,000 $ 375,000 $ 375,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $335,000. es b. Sold inventory on account for $595,000. The cost of the inventory sold was $315,000. c. Received $560,000 from customers on accounts receivable. d. Paid freight on inventory received, $29,000. e. Paid $325,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $47,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $155,000. The payment was recorded to Salaries 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 $23,000. Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance 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. View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 8 13 > Purchased inventory on account for $335,000. Record the transaction. Note: Enter debits before credits. Date January 02 Account Title Debit Credit Record entry Clear entry View general journal