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John's specialty store uses a perpetual inventory system

John's specialty store uses a perpetual inventory system
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ACCOUNTING

Exercise 8-1 (E8-1) John's specialty store uses a perpetual inventory system. The following are some inventory transactions for the month of May, 2009:
1. John's purchased merchandise on account for $5,000. Freight charges of $3,000 were paid in cash.
2. 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.
3. Merchandise costing $2,800 was sold for $5,200 in cash.

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

 

FILE: MS WORD

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