The following are transactions recorded by Pronghorn Corp. during the current year. 1. Ordinary operating maintenance on equipment was recorded as follows: 3.000 Equipment Accounts Payable 3,000 2. Pronghorn received an advance on a custom order for merchandise that will be shipped during the next accounting year. 7.900 Cash Sales Revenue 7,900 toa 3. Pronghorn Corp. is holding inventory on consignment for Rubber Ltd. Pronghorp will only pay Rubber when a sale is ma customer. Pronghorn made the following entry when it received the inventory: 16.700 Inventory Accounts Payable 16.700 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 Cash 4.920 4,920 (a2) For each transaction, if there was a violation of component of the conceptual framework fi.e., qualitative characteristic element or principle)give the correct journal entry that should have been initially recorded if any. (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 tities and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 12