The following information is available for the Johnson Corporation: Beginning inventory $ 35,000 Inventory purchases (on account)
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Question:
The following information is available for the Johnson Corporation:
| Beginning inventory | $ | 35,000 | |
| Inventory purchases (on account) | 165,000 | ||
| Freight charges on purchases (paid in cash) | 20,000 | ||
| Inventory returned to suppliers (for credit) | 22,000 | ||
| Ending inventory | 40,000 | ||
| Sales (on account) | 260,000 | ||
| Cost of inventory sold | 158,000 | ||
| | |||
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.
Expert Answer:
Related Book For 
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Posted Date:
