Exercise 8-1 Perpetual inventory system; journal entries (LO8-1) John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,60o. Freight charges of $1,100 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,400 and John's account credited by the supplier. 3. Merchandise costing $3,600 was sold for $6,800 in cash. was Required: Prepare the necessary journal entries to record these transactions. (If no entry required" in the first account field.) entry is required for a transaction/event, select "No journal View transaction list Journal entry worksheet 1 2 3 5 Record the merchandise purchased on account for $6,600. Note: Enter debits before credits. Transaction General Journal Debit Credit 01