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

Specialty Store purchased inventory on account for $$6,700.$ Freight charges of $$1,150$ were paid in cash.

Specialty Store returned some of the inventory purchased in transaction $(1).$ The cost of the inventory was $$1,450$ and Specialty Store's account was credited by the supplier.

Inventory costing $$3,650$ was sold for $$6,900$ 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

$1$

$2$

$3$

$4$

$5$

Record the merchandise purchased on account for $$6,700.$

Note: Enter debits before credits.

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