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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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