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 $ 40,000 170,000 25,000 27,000 45,000 265,000 163,000 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 Periodic System System Applying a perpetual inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Homework Chapter 8 Saved Help Save & Exit Submit Check my work 1 Journal entry worksheet 2 points Record the end-of-period adjusting entry. Ending inventory is $45,000. eBook Print Note: Enter debits before credits. References Transaction General Journal Debit Credit 6 Record entry Clear entry View general joui Mc Graw Hill Prev 1 of 6 Next >