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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
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 $6.000. Freight charges of $800 were paid in cash 2. John's returned some of the merchandise purchased in (1) The cost of the merchandise was $1100 and John's account was credited by the supplier. 3. Merchandise costing $3,300 was sold for $6.200 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 dccount field.) View transaction lit Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $6,000
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