Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $6,200. Freight charges of $900 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,200 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,400 was sold for $6,400 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. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the merchandise purchased on account for $6,200. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the merchandise purchased on account for $6,200. Note: Enter debits before credits. Transaction 1a General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 N 3 4 5 Record the payment of freight charges for $900. Note: Enter debits before credits. Transaction 1b General Journal Debit Credit Record entry Clear entry View general journal > View transaction list Journal entry worksheet < 1 2 3 4 5 Record the return of merchandise purchased on account costing $1,200. Note: Enter debits before credits. Transaction 02 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the sale of merchandise for $6,400 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal > View transaction list Journal entry worksheet < 1 2 3 4 Record the cost of goods sold for $3,400. Note: Enter debits before credits. Transaction 3b General Journal Debit Credit Record entry Clear entry View general journal