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Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...

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Accounting

Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: Specialty Store purchased inventory on account for $5,800. Freight charges of $700 were paid in cash. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,000 and Specialty Store's account was credited by the supplier. Inventory costing $3,200 was sold for $6,000 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Transaction General Journal Debit Credit 1a 2 of 6

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