Johns 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 $6,800. Freight charges of $1,200 were paid in cash.
2. Johns returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and Johns account was credited by the supplier.
3. Merchandise costing $3,700 was sold for $7,000 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.)

1: Record the merchandise purchased on account for $6,800.

2: Record the payment of freight charges for $1,200.

3: Record the return of merchandise purchased on account costing $1,500.

4: Record the sale of merchandise for $7,000 in cash.

5: Record the cost of goods sold for $3,700.