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 $6,800. Freight charges of $1,200 were paid in cash. 2. 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. 3. 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. 1 Record the merchandise purchased on account for $6,800. 2 Record the payment of freight charges for $1,200. 3 Record the return of merchandise purchased on account costing $1,500. 4 Record the sale of merchandise for $7,000 in cash. 5 Record the cost of goods sold for $3,700