Specialty Store uses a periodic inventory system, The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,800. Freight charges of $700 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,000 and Speclalty Store's account was credited by the supplier. 3. Inventory costing $3,200 was sold for $6,000 in cash, Required: Prepare the 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 merchandise purchased on account for $5,800. Note: Enter debits before credits