John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. Johns returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and Johns account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required:Prepare the necessary journal entries to record these transactions 1.Record the purchased merchandise on account for $6,300. . 2.Record the payment of freight charges for $950. . 3.Record the purchase return for $1,250. . 4.Record the merchandise sold for $6,500. . 5.Record the entry of cost of goods sold