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 $ 36,000 166,000 21, eee 23, eee 41, eee 261, eee 159, eee 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 periodic 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.) View transaction list Journal entry worksheet 5 6 Record cost of merchandise sold of $159,000. Note: Enter debits before credits Transaction General Journal Debit Credit 5 Record entry Clear entry View general Journal 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 $ 16,eee 166.000 21.00 23.ee 41, 263, 15, 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.) View transaction ist Journal entry worksheet 6 > Record the end-of-period adjusting entry Ending inventory is $41,000, Note: Ferde credit General Debit Credit Transaction 8 Record entry Clearany View general Journal