Exercise 8-1 (Algo) Perpetual inventory system; journal entries [LO8-1] Specialty Store uses a perpetual Inventory system. The following are some Inventory transactions for the month of May: 1. Specialty Store purchased Inventory on account for $6,300. Freight charges of $950 were paid in cash. 2. Specialty Store returned some of the Inventory purchased in transaction (1). The cost of the Inventory was $1,250 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the merchandise purchased on account for $6,300. Note: Enter debits before credits. Transaction 1a General Journal Debit Credit Record entry Clear entry View general journal