John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions tor the month of May 2016: John's purchased merchandise on account tor $5, 000. Freight charges of $300 were paid n cash. 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. Merchandise costing $2, 800 was sold for $5, 200 in cash. Required: Prepare the necessary journal entries to record these transactions