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 $5,000. Freight charges of $300 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1) The cost of the inventory was $600 and Specialty Store's account was credited by the supplier 3. Inventory costing $2,800 was sold for $5,200 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.