The following information is available for the Johnson Corporation for 2016: $ 25,000 Beginning inventory Merchandise purchases (on account) Freight charges on purchases (paid in cash) Merchandise returned to supplier (for credit) Ending inventory Sales (on account) 155,000 10,000 12,000 30,000 250,000 Cost of merchandise sold 148,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transac- tions that created these balances. Include all end-of-period adjusting entries indicated.
The following information is available for the Johnson Corporation for 2016: $ 25,000 Beginning inventory Merchandise purchases (on account) Freight charges on purchases (paid in cash) Merchandise returned to supplier (for credit) Ending inventory Sales (on account) 155,000 10,000 12,000 30,000 250,000 Cost of merchandise sold 148,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transac- tions that created these balances. Include all end-of-period adjusting entries indicated.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
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