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question the following information is available for the johnson corporation for 2018 4283034

Question

The following information is available for the Johnson Corporation for 2018: Beginning inventory Merchandise purchases (on account) Freight charges on purchases (paid in cash) Merchandise returned to supplier (for credit) Ending inventory Sales (on account) Cost of merchandise sold 32,000 162,000 17,000 19,000 37,000 257,000 155,000 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

 

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