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

 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 $5,000. Freight charges of $300 were paid in cash.
John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier.
Merchandise costing $2,800 was sold for $5,200 in cash.
 
Required:
Prepare the necessary journal entries to record these transactions.