exercise 8-2 (algo) periodic inventory system; journal entries [lo8-1] specialty store uses a periodic inventory system. the following are some inventory transactions for the month of may: specialty store purchased inventory on account for $6,100. freight charges of $850 were paid in cash. specialty store returned some of the inventory purchased in transaction (1). the cost of the inventory was $1,150 and specialty stores account was credited by the supplier. inventory costing $3,350 was sold for $6,300 in cash. Required: 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.)
