Exercise 8-1 (algo) perpetual inventory system; journal entries [lo8-1] john’s specialty store uses a perpetual inventory system. the following are some inventory transactions for the month of may: john’s purchased merchandise on account for $5,300. freight charges of $450 were paid in cash. john’s returned some of the merchandise purchased in (1). the cost of the merchandise was $750 and john’s account was credited by the supplier. merchandise costing $2,950 was sold for $5,500 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.)