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Prepare the journal entries that summarize the transactions

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Reference no: EM132968858

The following information is available for the Johnson Corporation:

Beginning inventory $42,000

Inventory purchases (on account) 172,000

Freight charges on purchases (paid in cash) 27,000

Inventory returned to suppliers (for credit) 29,000

Ending inventory 47,000 Sales (on account) 267,000

Cost of inventory sold 165,000

Required:

Problem 1: 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.

Reference no: EM132968858

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