The following information is available for a company:

Beginning inventory $ $39,000$

Inventory purchases $($on account$)169,000$

Freight charges on purchases $($paid in cash$)24,000$

Inventory returned to suppliers $($for credit$)26,000$

Ending inventory $44,000$

Sales $($on account$)264,000$

Cost of inventory sold $162,000$

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.The following information is avallable for a company:

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

Required:

Applying both a perpetual and a periodic inventory system, prepare the journal entres 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 labs below.

Applying a perpelual inventory system, prepare the joumal entries that summarize the transactions that created these balances Inclide

all end$-$of$-$perlod adjusting entries indicated.

Note: If no entry is required for a transaction'event, select $"$No jounnal entry required" in the first account fielo.

Journal entry worksheet

Record merchatidise purchased on account for $$169,000.$

Mike: Enter debits before artits: