question archive The following information is available for the Johnson Corporation: Beginning inventory $ 35,000 Inventory purchases (on account) 165,000 Freight charges on purchases (paid in cash) 20,000 Inventory returned to suppliers (for credit) 22,000 Ending inventory 40,000 Sales (on account) 260,000 Cost of inventory sold 158,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances
The following information is available for the Johnson Corporation: Beginning inventory $ 35,000 Inventory purchases (on account) 165,000 Freight charges on purchases (paid in cash) 20,000 Inventory returned to suppliers (for credit) 22,000 Ending inventory 40,000 Sales (on account) 260,000 Cost of inventory sold 158,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances
Subject:AccountingPrice: Bought3
The following information is available for the Johnson Corporation:
| Beginning inventory | $ | 35,000 | |
| Inventory purchases (on account) | 165,000 | ||
| Freight charges on purchases (paid in cash) | 20,000 | ||
| Inventory returned to suppliers (for credit) | 22,000 | ||
| Ending inventory | 40,000 | ||
| Sales (on account) | 260,000 | ||
| Cost of inventory sold | 158,000 | ||
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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.
