John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 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 1 Record the merchandise purchased on account for $6,300 2 Record the freight charges of $950 3 Record the return of merchandise costing $1,250. 4 Record the sale of merchandise for $6,500 in cash. 5 Record the cost of goods sold for $3,450 Cr