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 suppller. 3. Inventory costing $2,800 was sold for $5,200 in cash. Required: Prepare the necessary joumal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first occount field. 1 Record the merchandise purchased on account for $5,000. 2 Record the payment of freight charges for $300. 3 Record the return of merchandise purchased on account costing $600. 4 Record the sale of merchandise for $5,200 in cash. 5 Record the cost of goods sold for $2,800