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 $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 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 i de View transaction list Journal entry worksheet 2 3 Record the cost of goods sold for $3,050. Note: Enter debits before credits. Transaction General Journal Debit Credit 36 Record entry Clear entry View general Journal John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May. 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 Journal entry worksheet Journal entry worksheet 2 3 4 5 Record the merchandise purchased on account for $6,300. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal