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 $5,400. Freight charges of $500 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $800 and John's account was credited by the supplier 3. Merchandise costing $3,000 was sold for $5,600 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 1 Record the merchandise purchased on account for $5,400. 2 Record the payment of freight charges for $500. 3 Record the return of merchandise costing $800. 4 Record the sale of merchandise for $5,600 in cash. Credit 5 Record the cost of goods sold for $3,000. Note : journal entry has been entered Record entry Clear entry View general journal