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Prepare the necessary journal entries to record transactions

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Reference no: EM132899686

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 $5,200. Freight charges of $400 were paid in cash.
  2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $700 and John's account was credited by the supplier.
  3. Merchandise costing $2,900 was sold for $5,400 in cash.

Question 1: 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.)

Reference no: EM132899686

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