Help Save & Exit Sub Check my wo 3 John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018 168 points 1. John's purchased merchandise on account for $7.000 Freight charges of $1,300 were paid in cash. 2. John's returned some of the merchandise purchased in (). The cost of the merchandise was $1,600 and John's account was credited by the supplier 3 Merchandise costing $3,800 was sold for $7,200 in cash Required: Prepare the necessary Journal entries to record these transactions. (ir no entry is required for entry required" in the first account field.) transaction/event, select-No journal Journal entry worksheet Record the merchandise purchased on account for $7,000.