Exercise 8-1 Perpetual inventory system; journal entries [LO8-1 John's Specialty Store uses a perpetual inventory system. The following are some inventory trensections for 1 John's purchased merchandise on account for $5.600. Freight charges of $600 were poid in cash 2 John's returned some of the merchandise purchased in (). The cost of the merchandise was S by the supplier 3. Merchandise costing $3100 was sold for $5,800 in cash. credited Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select entry required" in the first account field.) View transaction list Journal entry worksheet 123 45 Record the merchandise purchased on account for $5,600. Note: Enter debits before credits