### Prepare the necessary journal entries to record transactions

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Question - John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018:

1. John's purchased merchandise on account for \$6,600. Freight charges of \$1,100 were paid in cash.

2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was \$1,400 and John's account was credited by the supplier.

3. Merchandise costing \$3,600 was sold for \$6,800 in cash.

Required: Prepare the necessary journal entries to record these transactions.

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