Omega Distributing Company uses the perpetual inventory system and engaged in the following transactions during May of the current year: $(3)($Click the icon to view the transactions.$)$

Required

Journalize the preceding transactions on the books of Omega Distributing Company.

Suppose the balance in Inventory was $$32,000$ on May $1.$ What is the balance in inventory on May $31?$

Requirement $1.$ Journalize the transactions on the books of Omega Distributing Company.

May $3.$ Purchased office supplies for cash, $$17,000.($Record debits first, then credits. Exclude explanations from journal entries.$)$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$May $3,$Office Supplies,,$],[$Cash$,17,000,,]]$

May $7.$ Purchased inventory on credit terms of $\frac{3}{10},$ net eom, $$84,000.$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$May $7,$Inventory,,$],[$Accounts Payable,$84,000,,]]$

May $8.$ Returned $18$ percent of the inventory purchased on May $7.$ It was not the inventory ordered.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$May $8,$Accounts Payable,,$],[,$Inventory,,$],[,,,]]$