The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account)...
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Accounting
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 $ 45,000 175,000 30,000 32,000 50,000 270,000 168,000 Required: Applying both a perpetual and a periodic Inventory system, prepare the lournal 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. Inchi all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select "No journal entry required in the account field.) View transaction list View journal entry worksheet No Transaction General Journal Credit Debit 175,000 1 Inventory Accounts payable 175,000
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