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. Cash 7.900 Sales Revenue 7,900 3. Pronghorn Corp. is holding inventory on consignment for Rubber Ltd. Pronghorn will only pay Rubber when a sale is made to a 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. 4,920 Insurance Expense Cash 4,920 (a2) For each transaction, if there was a violation of component of the conceptual framework (i.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 titles and enter Ofor the amounts.) No. Account Titles and Explanation Debit Credit 1. Repairs and Maintenance Expense 3000 Equipment 3000 2. Sales Revenue 7900 Unearned Revenue 7900 3. Accounts Payable 16700 Inventory 16700 4. Prepaid Insurance 4920 Insurance Expense 4920