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 $6,900. Freight charges of $1,250 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,550 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,750 was sold for $7,100 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 $6,900. Note: Enter debits before credits. Transaction. 1a General Journal Debit Credit: