John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $6,700. Freight charges of $1,150 were paid in cash 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,450 and John's account was credited by the supplier 3. Merchandise costing $3,650 was sold for $6,900 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.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 01 Purchases 6,700 Accounts payable 6,700 01 1.150 Freight-in Cash 1.150 02 Accounts payable 1,450 Purchase returns 1,450 4 03 Cash 6,900 Sales revenue 6,900 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.) Answer is complete but not entirely correct No Transaction General Journal Debit Credit 01 Purchases 6,700 Accounts payable 6,700 01 1,150 Freight-in Cash 1,150 02 Accounts payable 1,450 Purchase returns 1.450 03 Cash 6.900 Sales revenue 6,900 03 Inventory 6,900 Inventory Cash 6,900 3,650 Sales revenue 3,650