Check my work Exercise 8-4 (Algo) Perpetual and periodic inventory systems compared [LO8-1) 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 Con account) Cost of inventory sold $ 33,000 163,000 18,000 20,000 38,000 258,000 156,000 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 balance all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select "No journal entry required" account field.) Viow transaction list Journal entry worksheet 1 2 3 4 5 6 Record merchandise purchased on account for $163,000. Preu 1 of 4 ! Navt Perpetual System Periodic System Applying a perpetual inventory system, prepare the journal entries that summarize the transac all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, SE account field.) View transaction list Journal entry worksheet Perpetual System Periodic System Applying a perpetual inventory system, prepare the journal entries that summarize the transactions th all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select "Ne account field.) View transaction list Journal entry worksheet Prev 1 of 4 Next > Perpetual System Periodic System Applying a perpetual inventory system, prepare the journal entries that summarize the transactions all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select account field.) View transaction list Journal entry worksheet 2 3 4 5 6 Record merchandise returned to supplier for credit of $20,000. Note: Enter debits before credits General Journal Debit Credit Transaction 3 Record entry Clear entry View general journal Perpetuam Periodic System > Prav 1 of 4 Nove Perpetual System Periodic System Applying a perpetual inventory system, prepare the journal entries that summarize the transaction all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, selec account field.) View transaction list Journal entry worksheet Prev 1 of 4 Next > Perpetual System Periodic System pplying a perpetual Inventory system, prepare the journal entries that summarize the to Il end-of-period adjusting entries indicated. (If no entry is required for a transaction/eve account field.) View transaction list Journal entry worksheet MSU EMAIL NOTTI CUNNEL ng my face + Huge Whitefox clothing hall - YouTube M Connect Saved Help wi Perpetual System Periodic System Applying a perpetual Inventory system, prepare the journal entries that summarize the transactions all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select account field.) View transaction tist Journal entry worksheet