John's Specialty Store uses a perpetual inventory system. The following are some inventory transections for the month of May 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash 2. John's returned some of the merchandise purchased in ( The cost of the merchandise was $850 and John's account was credited by the suppiler 3. Merchandise costing $3.050 was sold for $5.700 in cash Required Prepare the necessary journal entries to record these transactions of no entry is required for a transaction/event, select "No journal entry required" in the first account field) Journal entry worksheet < 1 2 . Record the merchandise purchased on account for $3,500. General Journal Debit Creit " Owe erity 1b Record the payment of freight charges for $550. 2. Record the return of merchandise purchased on account costing $850. 3a. Record the sale of merchandise for $5,700 in cash. 3b. Record the cost of goods sold for $3,050.