The following information is available for the Johnson Corporation for 2016: Beginning inventory $ 31,000 Merchandise purchases (on account) 161,000 Freight charges on purchases (paid in cash) 16,000 Merchandise returned to supplier (for credit) 18,000 Ending inventory 36,000 Sales (on account) 256,000 Cost of merchandise sold 154,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) I NEED 2 SEPERATE JOURNALS PERPETUAL SYSTEM JOURNAL ENTRY: 1. RECORD MERCHANDISE PURCHASED ON ACCOUNT FOR $161,000 2. RECORD THE PAYMENT OF $16,000 IN CASH FOR FREIGHT CHARGES 3. RECORD MERCHANDISE RETURNED TO SUPPLIER FOR CREDIT OF $18,000 4. RECORD SALES ON ACCOUNT OF $256,000 5. RECORD COST OF MERCHANDISE SOLD OF $154,000 6. RECORD THE END OF PERIOD ADJUSTING ENTERY, ENDING INVENTORY IS $36,000

PERIODIC SYSTEM:

1. RECORD MERCHANDISE PURCHASED ON ACCOUNT FOR $161,000

2. RECORD THE PAYMENT 16,000 IN CASH FOR FRIEGHT CHARGES

3. REOCRD MERCHANDISE RETURNED TO SUPPLIER FOR CREDIT OF $18000

4. RECORD SALES ON ACCOUNT OF $256,000

5. RECORD COST OF MERCHANDISE SOLD OF $154,000

6. RECORD THE END OF PERIOD ADJUSTMENT ENTRY ENDING INVENTORY IS 36,000