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please help 8-1 John's Specialty Store uses a perpetual Inventory system. The following are some inventory transactions for the month of May 2018: 1. John's
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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 $6,400. Freight charges of $1,000 were paid in cash 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,300 and John's account was credited by the supplier. 3. Merchandise costing $3,500 was sold for $6,600 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 requlred" in the first account fleld.) View transaction list 1 Record the merchandise purchased on account for $6,400 2 Record the freight charges of $1,000. 3 Record the return of merchandise costing $1,300. 4 Record the sale of merchandise for $6,600 in cash. s Record the cost of goods sold for $3,500 Credit 8-1
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