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John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for...

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Accounting

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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 $5.700 Freight charges of $650 were paid in cash 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $950 and John's account was credited by the supplier 3. Merchandise costing $3,150 was sold for $5,900 in cash. Required: Prepare the necessary journal entries to record these transactions (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 5 Record the merchandise purchased on account for $5.700. Note: Enter debit before credits General Journal Debit Credit Transaction ta

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