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The following information is available for the Johnson Corporation: 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. Complete this question by entering your answers in the tabs below. Applying a perpetual inventory system, prepare the journal entries that sumtiarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Applying a perpetual inventory system, prepare the journal entries that summarize the transactions that create all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select "No journal account field.) Journal entry worksheet (2) (3) (4) (5) Record merchandise purchased on account for $162,000. Note: Enter debits before credits. Record merchandise purchased on account for $162,000. Record the payment of $17,000 in cash for freight charges. Record merchandise returned to supplier for credit of $19,000. Record sales on account of $257,000. Record cost of merchandise sold of $155,000. Record the end-of-period adjusting entry. Ending inventory is $37,000. Note : = journal entry has been entered Applying a periodic inventory system, prepare the journal entries that summarize the transactions all end-of-period adjusting entries indicated. (If no entry is required for a transaction/event, select account field.) Journal entry worksheet (5) 6 Record merchandise purchased on account for $162,000. Note: Enter debits before credits. Record merchandise purchased on account for $162,000. Record the payment of $17,000 in cash for freight charges. Record merchandise returned to supplier for credit of $19,000. Record sales on account of $257,000. Record cost of merchandise sold of $155,000. Record the end-of-period adjusting entry. Ending inventory is $37,000. Note : = journal entry has been entered

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