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 $6,500. Freight charges of $1,050 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,350 and John's account was credited by the supplier. 3. Merchandise costing $3,550 was sold for $6,700 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 1 Transaction 1a General Journal Debit Credit Inventory 6,500 Accounts payable 6,500 2 1b Inventory 1,050 Cash 1,050 3 02 Accounts payable Inventory 1,350 1,350 4 Cash 6,700 Sales revenue 6,700 5 3b Cost of goods sold 3,550 X Inventory 3,550