• Record merchandise purchased on account for $159,000.
• Record the payment of $14,000 in cash for freight charges.
• Record merchandise returned to supplier for credit of $16,000.
• Record sales on account of $254,000.
• Record cost of merchandise sold of $152,000.
• Record the end-of-period adjusting entry. Ending inventory is $34,000.

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 29,000 159,000 14,000 16,000 34,000 254,000 152,000 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