John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,400. Freight charges of $500 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $800 and John's account was credited by the supplier. 3. Merchandise costing $3,000 was sold for $5,600 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 1 2 3 4 5 Record the merchandise purchased on account for $5,400. Note: Enter debits before credits. Transaction 1a General Journal Debit Credit Record entry Clear entry View general journal >