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 $6,400. Freight charges of $1,000 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,300 and John's account was credited by the supplier. 3. Merchandise costing $3,500 was sold for $6,600 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 1 2 3 3 4 5 > Record the merchandise purchased on account for $6,400. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal 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 $6,400. Freight charges of $1,000 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,300 and John's account was credited by the supplier. 3. Merchandise costing $3,500 was sold for $6,600 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 return of merchandise purchased on account costing $1,300. Note: Enter debits before credits. General Journal Debit Credit Transaction 02 Record entry Clear entry View general journal 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 $6,400. Freight charges of $1,000 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,300 and John's account was credited by the supplier. 3. Merchandise costing $3,500 was sold for $6,600 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