Question: using the periodic method: [This is a variation of E 8-1 modified to focus on the periodic inventory system.] J ohn's Specialty Store uses a

using the periodic method:

[This is a variation of E 8-1 modified to focus on the periodic inventory system.] J

ohn's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018:

1. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.

2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier.

3. Merchandise costing $2,800 was sold for $5,200 in cash.

Required: Prepare the necessary journal entries to record these transactions.

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