Recreational Equipment, Inc. commonly known as REI, is an American retail and outdoor recreation services corporation. REI uses a perpetual inventory system. The following are some of REl's inventory transactions for the month of May. 1. REl purchased inventory on account for $5,000. Freight charges of $300 were paid in cash. 2 REl returned some of the inventory purchased in transaction (1). 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 REPs 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 fleld. Journal entry worksheet Record the merchandise purchased on account for 55,000 . Journal entry worksheet Record the payment of freight charges for $300. Note: Enter debits before credits. Note: If no entry is required for a transaction/event, select "No journal entry required" in the Journal entry worksheet Record the return of merchandise purchased on account costing $600. Note: Enter debits before credits. Journal entry worksheet Record the sale of merchandise for $5,200 in cash. Note: Enter debits before credits. 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 Journal entry worksheet