newconldcL.m Saved John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018 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 (). 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 e transaction/event, select "No journal entry required" in the first account field.) View transaction ist Journal entry worksheet 5