Response to the following problem:
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013:
1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash.
2. Johns returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and Johns account was credited by the supplier.
3. Merchandise costing $3,450 was sold for $6,500 in cash.
Required:
Prepare the necessary journal entries to record these transactions
1.Record the purchased merchandise on account for $6,300.
2.Record the payment of freight charges for $950. .
3.Record the purchase return for $1,250.
4.Record the merchandise sold for $6,500.
5.Record the entry of cost of goods sold.