On January 1, 2024, Displays Incorporated had the following account balances: From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $344,000. b. Sold inventory on account for $640,000. The cost of the inventory sold was $324,000. c. Received $584,000 from customers on accounts receivable. d. Paid freight on inventory received, $38,000. e. Paid $334,000 to inventory suppliers on accounts payable of $340,000. The difference reflects purchase discounts of $6,000. f. Paid rent for the current year, $56,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $164,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $4,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $32,000
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