The following are transactions recorded by Trimm Corporation during the current year. 1. Ordinary operating maintenance on equipment was recorded as follows: Equipment Accounts Payable 2,500 2,500 2. Trimm received an advance on a custom order for merchandise that will be shipped during the next accounting year. Cash Sales Revenue 8,000 8,000 3. Trimm is holding inventory on consignment for Rubber Ltd. Trimm will only pay Rubber when a sale is made to a customer. Trimm made the following entry when it received the inventory: Inventory Accounts Payable 15,000 15,000 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 Instructions 4,000 4,000 For each transaction, determine which component of the conceptual framework (that is, qualitative characteristic, element, or principle) was violated, if any, and give the correct journal entry that should have been initially recorded.