Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May:

Specialty Store purchased inventory on account for $$6,800.$ Freight charges of $$1,200$ were paid in cash.

Specialty Store returned some of the inventory purchased in transaction $(1).$ The cost of the inventory was $$1,500$ and Specialty Store's account was credited by the supplier.

Inventory costing $$3,700$ was sold for $$7,000$ 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.