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

$$35,000$

$165,000$

$20,000$

$22,000$

$40,000$

$260,000$

$158,000$

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.

$\backslash$table$[[\backslash$table$[[$Perpetual$],[$SSstem$]],\backslash$table$[[$Periodicic$],[$System$]]]]$

Applying a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end$-$of$-$period adjusting entries indicated.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$1$ Record merchandise purchased on account for $$165,000.$

$2$ Record the payment of $$20,000$ in cash for freight charges.

$3$ Record merchandise returned to supplier for credit of $$22,000.$

$4$ Record sales on account of $$260,000.$

$5$ Record cost of merchandise sold of $$158,000.$

$6$ Record the end$-$of$-$period adjusting entry. Ending inventory is $$40,000.$

Nate $.=$ inurnal entru hac heen enterer

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