2019 CARD 2017 3185 E 8-4 Perpetual and periodic inventory systems compared The following information is available for the lohnson Corporation: Beginning inventory $ 25,000 Merchandise purchases (on account) 155,000 Freight charges on purchases (paid in cash) 10,000 Merchandise returned to supplier (for credit) 12,000 Ending inventory 30,000 Sales (on account) 250,000 Cost of merchandise sold 148,000 Required: Using perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period entries. Perpetual: Purchases: Freight Returns Sales