E 8-2 Periodic inventory system; journal entries . 108-1 [This is a variation of E 8-1 modified to focus on the periodic inventory system.] John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier. 3. Merchandise costing $2,800 was sold for $5,200 in cash. Required: Prepare the necessary journal entries to record these transactions