Exercise 8-2 (Algo) Periodic inventory system; journal entries (L08-1) John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $650 and John's account was credited 3. Merchandise costing $2,850 was sold for $5,300 in cash. Required: Prepare the necessary Journal entries to record these transactions. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the payment of freight charges for $350. Note: Enter debits before credits. General Journal Debit Credit Transaction 1b Record entry Clear entry View general journal Journal entry worksheet Record the return of merchandise purchased on account costing $650. Note: Enter debits before credits. Transaction General Journal Debit Credit 02 Record entry Clear entry View general journal Record the sale of merchandise for $5,300 in cash. Note: Enter debits before credits. General Journal Debit Credit Transaction 3a Record entry Clear entry View general journal Journal entry worksheet