EB - 1 John's Specialty Store USES a perpetual inventory System . The following are some inventory transactions for the month of May 2016 : 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. 600 was sold for $ 5, 200 in cash. Required : Prepare the necessary journal Entries to record these transactions