The following information is available for the Johnson Corporation for 2011:

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 entriesindicated.

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Beginning inventory Merchandise purchases (on account) 155,000 Freight charges on purchases (paid in cash 10,000 Merchandise returned to supplier (for credit)12,000 Ending inventory Sales [on account) Cost of merchandise sold 25,000 30,000 250,000 148,000