The following are transactions recorded by Flounder Corporation during the current year. 1. Ordinary operating maintenance on equipment was recorded as follows: Equipment 2,400 Accounts Payable 2,400 2. Flounder received an advance on a custom order for merchandise that will be shipped during the next accounting year. Cash 9,400 Sales Revenue 9,400 3. Flounder is holding inventory on consignment for Rubber Ltd. Flounder will only pay Rubber when a sale is made to a customer. Flounder made the following entry when it received the inventory: 3. Flounder is holding inventory on consignment for Rubber Ltd. Flounder will only pay Rubber when a sale is made to a customer. Flounder made the following entry when it received the inventory: Inventory 14,800 Accounts Payable 14,800 4. On the last day of the accounting period, a 12-month insurance policy was purchased. The insurance coverage is for the next accounting year. Insurance Expense 5,280 Cash 5,280 For each transaction, if there was a violation of component of the conceptual framework (that is, qualitative characteristic, element, or principle) if any, give the correct journal entry that should have been initially recorded. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)