The Krusty Krab Inc Started business on January 1, 2022

Record the required journal entry for each of the following events which happened during 2022. If no entry is required, please state so and very briefly explain why.

A) An insurance policy was purchased on March 1 for $1,300. The insurance policy was for one year of coverage that began on March 1, 2022.

B) During the year, inventory costing $140,000 was purchased, all on account.

C) Sales to customers totalled $170,000. Of these, $10,000 were cash sales.

D) The Company made payments to suppliers for inventory purchased earlier which totalled $80,000.

E) Collections from customers on account during the year totalled $110,000.