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 $ 32,000 162,000 17,000 19,000 37,000 257,000 155,000 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 X 1 Record merchandise purchased on account for $162,000. > 2 Record the payment of $17,000 in cash for freight charges. 3 Record merchandise returned to supplier for credit of $19,000. 4 Record sales on account of $257,000. Credit 5 Record cost of merchandise sold of $155,000. 6 Record the end-of-period adjusting entry. Ending inventory is $37,000. Note : = journal entry has been entered 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 $ 32,000 162,000 17,000 19,000 37,000 257,000 155,000 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 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 X: 1 Record merchandise purchased on account for $162,000. 2 Record the payment of $17,000 in cash for freight charges. 3 Record merchandise returned to supplier for credit of $19,000. 4 Record sales on account of $257,000. Credit 5 Record cost of merchandise sold of $155,000. 6 Record the end-of-period adjusting entry. Ending inventory is $37,000. Note : = journal entry has been entered Record entry Clear entry View general journal Perpetual System Periodic System
