The following information is available for a company:

Beginning inventory	$ 36,000
Inventory purchases (on account)	166,000
Freight charges on purchases (paid in cash)	21,000
Inventory returned to suppliers (for credit)	23,000
Ending inventory	41,000
Sales (on account)	261,000
Cost of inventory sold	159,000

Required:

Applying both a perpetual and a periodic inventory system, prepare the journal entries (for Perpetual System and Periodic System) that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated.