Johns Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May:

1. Johns purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash.
2. Johns returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and Johns 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.)

Record the merchandise purchased on account for $5,300.

Record the payment of freight charges for $450.

Record the return of merchandise purchased on account costing $750.

Record the sale of merchandise for $5,500 in cash.

• Record the cost of goods sold for $2,950.