Recreational Equipment, Inc, commonly known as REI, is an American retall and outdoor recreation services corporation, REI uses a perpetual inventory system. The following are some of REI's inventory transactions for the month of May: 1. REi purchased inventory on account for $5,000. Freight charges of $300 were paid in cash. 2. REI returned some of the inventory purchased in transaction (i). The cost of the inventory was $600 and REI's account was credited by the supplier. 3. Inventory costing $2,800 was sold for $5,200 in cash. Required: Please prepare REI's necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the payment of freight charges for $300. Note: Enter debits before credits. Journal entry worksheet 1 5 Record the return of merchandise purchased on account costing $600. Note: Enter debits before credits. Journal entry worksheet