• 1. Record merchandise purchased on account for $174,000.

• 2. Record the payment of $29,000 in cash for freight charges.

• 3. Record merchandise returned to supplier for credit of $31,000.

• 4. Record sales on account of $269,000.

• 5. Record cost of merchandise sold of $167,000.

• 6. Record the end-of-period adjusting entry. Ending inventory is $49,000.

The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 44,000 174,000 29,000 31,000 49,000 269,000 167,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers in the tabs below. Perpetual System Periodic System Applying a perpetual inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)