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 $ 25,000 155,000 10,000 12,000 30,000 250,000 148,000 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 System Periodic 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 list View journal entry worksheet x X: Debit Credit 1 Record merchandise purchased on account for $155,000. 2 Record the payment of $10,000 in cash for freight charges. 3 Record merchandise returned to supplier for credit of $12,000. 4 Record sales on account of $250,000. Periodic System> 5 Record cost of merchandise sold of $148,000. 6 Record the end-of-period adjusting entry. Ending inventory is $30,000. Note : = = journal entry has been entered Complete this question by entering your answers in the tabs below. Perpetual System Periodic 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 View journal entry worksheet :X: Debit Credit 1 Record merchandise purchased on account for $155,000. 2 Record the payment of $10,000 in cash for freight charges. 3 Record merchandise returned to supplier for credit of $12,000. 4 Record sales on account of $250,000. 5 Record cost of merchandise sold of $148,000. 6 Periodic System > Record the end-of-period adjusting entry. Ending inventory is $30,000. Note : = journal entry has been entered