Journal Entries, Periodic Inventory System Consider the following data taken from the adjusted trial balance of the Vancouver Boat Company, December 31, 20X3 ($ in millions): Purchases $130 Sales 239 Sales returns and allowances 5 Purchase returns and allowances 6 Freight in 14 Cash discounts Cash discounts on purchases 1 on sales 8 Inventory (beginning of year) 25 Other expenses 80 Prepare summary journal entries. The ending inventory was $45 million.