the number 3 URGENT

3. Grouper is holding inventory on consignment for Rubber Ltd. Grouper will only pay Rubber when a sale is made to a customer. Grouper made the following entry when it received the inventory: Inventory 12,200 Accounts Payable 12,200 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 5,760 Cash 5,760 (a2) 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 outomatically indented when the amount is entered. Do not indent mamually. If no entry is required, select "No entry" for the account tities and enter 0 for the amounts.) 3. Grouper is holding inventory on consignment for Rubber Ltd. Grouper will only pay Rubber when a sale is made to a customer. Grouper made the following entry when it received the inventory: Inventory 12,200 Accounts Payable 12,200 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 5,760 Cash 5,760 (a2) 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 outomatically indented when the amount is entered. Do not indent mamually. If no entry is required, select "No entry" for the account tities and enter 0 for the amounts.)