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 $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 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 $5,300. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Rocord ontni Cloar ontnu Viow sonoraliournal View transaction list Journal entry worksheet 1 2 3 5 > Record the payment of freight charges for $450. Note: Enter debits before credits. Transaction General Journal Debit Credit 1b Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 > 2 3 4 5 Record the return of merchandise purchased on account costing $750. Note: Enter debits before credits. Transaction General Journal Debit Credit 02 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 > 3 4 5 Record the sale of merchandise for $5,500 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 > Record the cost of goods sold for $2,950. Note: Enter debits before credits. Transaction General Journal Debit Credit 3b Record entry Clear entry View general journal 5.