Question
The following information is available for the Johnson Corporation: Beginning inventory $ 35,000 Inventory purchases (on account) 165,000 Freight charges on purchases (paid in cash)
The following information is available for the Johnson Corporation:
Beginning inventory | $ | 35,000 | |
Inventory purchases (on account) | 165,000 | ||
Freight charges on purchases (paid in cash) | 20,000 | ||
Inventory returned to suppliers (for credit) | 22,000 | ||
Ending inventory | 40,000 | ||
Sales (on account) | 260,000 | ||
Cost of inventory sold | 158,000 | ||
|
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.
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
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