.H 8 Saved Help Save & Exit S Check my w John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,800. Freight charges of $700 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,000 and John's account was credited by the supplier. 3. Merchandise costing $3,200 was sold for $6,000 in cash. 3:20:15 Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal Book entry required" in the first account field.) Hint View transaction list erences Journal entry worksheet 2 3 4 5 Record the merchandise purchased on account for $5,800