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 $5,800. Freight charges of $700 were paid in cash 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1.000 and John's account was credited by the supplier. 3. Merchandise costing $3,200 was sold for $6.000 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 merchandise purchased on account for $5,800. Tigte enter de bits before credits General Journal Debit Credit ansaction