Exercise 8-2 (Algo) Periodic inventory system; journal entries (LO8-1) 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 $6,100. Freight charges of $850 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,150 and John's account was credited by the supplier. 3. Merchandise costing $3,350 was sold for $6,300 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.) View transaction list Journal entry worksheet Record the payment of freight charges for $850. Note: Enter debits before credits. General Journal Debit Credit Transaction 16 Record entry Clear entry View general journal Journal entry worksheet Record the return of merchandise purchased on account costing $1,150. Note: Enter debits before credits. General Journal Debit Credit Transaction 02 Record entry Clear entry View general Journal Journal entry worksheet Record the sale of merchandise for $6,300 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet