E 8-4 The following information is available for the Johnson Corporation for 2011. ANSWER KEY E 8-4 Perpetual and periodic inventory systems compared Chapter8: Inventories: Measurement E 8-4 Perpetual and periodic inventory systems compared. The following information is available for the Johnson Corporation for 2011: Beginning inventory $25,000 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 30,000 Sales (on account 250,000 Cost of merchandise sold 148,00 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.

E 8-4 The following information is available for the Johnson Corporation for 2011.

 

ANSWER KEY E 8-4 Perpetual and periodic inventory systems compared

Chapter8: Inventories: Measurement

E8-4 Perpetual and periodic inventory systemscompared. The following information is available for the Johnson Corporation for 2011:

 Beginning inventory $25,000 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 30,000 Sales (on account 250,000 Cost of merchandise sold 148,00

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 indi

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