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 $6,900. Freight charges of $1,250 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,550 and John's account was credited by the supplier. 3. Merchandise costing $3,750 was sold for $7,100 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 2 4 5 Record the merchandise purchased on account for $6,900. Note: Enter debits before credits Transaction 1a General Journal Debit Credit Record entry Clear entry View general journal