The following information is available for the Johnson Corporation: 

Beginning inventory.........................................................$ 25,000 

Inventory purchases (on account)................................155,000 

Freight charges on purchases (paid in cash)..............10,000 

Inventory returned to suppliers (for credit)................12,000 

Ending inventory...................................................................30,000 

Sales (on account)..............................................................250,000 

Cost of inventory sold.......................................................148,000 

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.