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r 7 John's Specialty Store uses a perpetual Inventory system. The following are some...

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Accounting

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r 7 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 $5,600. Freight charges of $600 were paid in cash. 2. John's returned some of the merchandise purchased in (1) The cost of the merchandise was $900 and John's account was credited by the supplier 3. Merchandise costing $3,100 was sold for $5,000 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.) Viewransaction ist Journal entry worksheet 5 Record the merchandise purchased on account for 55,600 er debts before mots Wanadian Canal Journal De Credit Ta Record entry Clear entry View general Journal

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