John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013:
1. John's purchased merchandise on account for $5,400. Freight charges of $500 were paid in cash.
2. John? s returned some of the merchandise purchased in (1). The cost of the merchandise was $800 and John? s account was credited by the supplier.
3. Merchandise costing $3,000 was sold for $5,600 in cash
Prepare the necessary journal entries to record these transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
Record the purchased merchandise on account for $5,400
Record the payment of freight charges for $500.
Record the purchase return for $800.
Record the merchandise sold for $5,600.
Record the entry of cost of goods sold.
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