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 $5,000. Freight charges of $300 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier 3. Merchandise costing $2,800 was sold for $5,200 in cash No Transaction General Journal Debit Credit 1 1a Purchases 5,000 Accounts payable > 5,000 2 1b 300 Freight-in Cash O 300 3 02 600 Accounts payable Purchase returns 600 4 Cash 5,200 Sales revenue 5,200 3b ch 2,800 Cost of goods sold Inventory 2,800