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 $5.000. Freight charges of $300 were paid In cash. 2 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 3. Merchandise costing $2,800 was sold for $5.200 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 x 1 > Record the merchandise purchased on account for $5,000. 2 Record the payment of freight charges for $300. 3 Record the return of merchandise purchased on account costing $600. 2 Record the sale of merchandise for $5,200 in cash. Credit S Record the cost of goods sold for $2,800. Note : = journal entry has been entered Record entry Clear entry View general journal