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 $5,500. Freight charges of $550 were paid in cash.
2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $850 and Specialty Stores account was credited by the supplier.
3. Inventory costing $3,050 was sold for $5,700 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.

1. Record the merchandise purchased on account for $5,500.
2. Record the payment of freight charges for $550.
3. Record the return of merchandise purchased on account costing $850.
4. Record the sale of merchandise for $5,700 in cash.
5. Record the cost of goods sold for $3,050.