Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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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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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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