E 8-2 [This is a variation of Exercise 8-] modied to focus on the periodic inventory system.] Periodic John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for inventory system; the month of May 2013: journal entries 1. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash. . L08-1 2. John's returned some of the merchandise purchased in (l). The cost of the merchandise was $600 and John's account was credited by the supplier. 3. Merchandise costing $2,300 was sold for $5,200 in cash. Required: Prepare the necessary journal entries to record these transactions