The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of Inventory sold Perpetual System $ 27,000 157,000 12,000 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 Periodic System 14,000 32,000 Complete this question by entering your answers in the tabs below. 252,000 150,000 View transaction list Applying a perpetual Inventory system, prepare the journal entries that summarize 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.)
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of Inventory sold Perpetual System $ 27,000 157,000 12,000 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 Periodic System 14,000 32,000 Complete this question by entering your answers in the tabs below. 252,000 150,000 View transaction list Applying a perpetual Inventory system, prepare the journal entries that summarize 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.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3E: Perpetual versus Periodic Inventory Systems Graham Company is trying to select an inventory system....
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Topic Video
Question
A 10
![The following information is available for the Johnson Corporation:
Beginning inventory
Inventory purchases (on account)
Freight charges on purchases (paid in cash)
Inventory returned to suppliers (for credit)
Ending Inventory
Sales (on account)
Cost of Inventory sold
Perpetual
System
$ 27,000
157,000
12,000
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
Periodic
System
14,000
32,000
Complete this question by entering your answers in the tabs below.
252,000
150,000
View transaction list
Applying a perpetual Inventory system, prepare the journal entries that summarize 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa73ae55a-26b6-4048-8111-ba5b495985cc%2Ff9b35a79-f926-47c9-8458-69351e77bf50%2Fn4u7fgq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information is available for the Johnson Corporation:
Beginning inventory
Inventory purchases (on account)
Freight charges on purchases (paid in cash)
Inventory returned to suppliers (for credit)
Ending Inventory
Sales (on account)
Cost of Inventory sold
Perpetual
System
$ 27,000
157,000
12,000
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
Periodic
System
14,000
32,000
Complete this question by entering your answers in the tabs below.
252,000
150,000
View transaction list
Applying a perpetual Inventory system, prepare the journal entries that summarize 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.)
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