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  3. on january 1,2024, displays incorporated had the f

On January 1,2024, Displays Incorporated had the following account balances: \table[[Account titles,Debit,Credit],[Cash,$22,000,],[Accounts receivable,19,000,],[Supplies,25,000,],[Inventory,60,000,],[Land,227,000,],[Accounts...

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Accounting

On January 1,2024, Displays Incorporated had the following account balances:
\table[[Account titles,Debit,Credit],[Cash,$22,000,],[Accounts receivable,19,000,],[Supplies,25,000,],[Inventory,60,000,],[Land,227,000,],[Accounts payable,,$18,000
\table[[Requirement,\table[[General],[Journal]],\table[[General],[Ledger]],Trial Balance,\table[[Income],[Statement]],Balance Sheet,Analysis]]
Prepare the journal entries for transactions.
Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet
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Purchased inventory on account for $330,000. Record the transaction.
Note: Enter debits before credits.
\table[[Date,Account Title,Debit,Credit],[January 02,,,],[,,,],[,,,],[,,,],[,,,]]
On January 1,2024, Displays Incorporated had the following account balances:
\table[[Account titles,Debit,Credit],[Cash,$22,000,],[Accounts receivable,19,000,],[Supplies,25,000,],[Inventory,60,000,],[Land,227,000,],[Accounts payable,,18,000],[Notes payable (5%, due next year),20,000,],[Common stock,,186,000],[Retained earnings,$353,000,$353,000

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