He following information is available for the Johnson Corporation: Beginning inventory $ 29,000 Inventory purchases (on account) 159,000 Freight charges on purchases (paid in cash) 14,000 Inventory returned to suppliers (for credit) 16,000 Ending inventory 34,000 Sales (on account) 254,000 Cost of inventory sold 152,000 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.

Check the explanation

Explanation:

The journal entry (which can comprise of a number of different item recordings, each of the items to be recorded will is either a credit or a debit. The overall figure in the debit side of the journal must be equal the overall figure in the credit side, or the journal entry will be considered unbalanced.) to the above question can be seen in the attached images below.

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