Problem 5-3A Singh Distributing Company uses the perpetual inventory system and engaged in the following transactions during May of the current year: Journalizing purchase and sale transactions under the perpetual inventory system May 3 7 Purchased inventory on credit terms of 3/10, net eom, $76,000. 8 Returned 25 percent of the inventory purchased on May 7. It was not the Purchased office supplies for cash, $22,000. 2. Inventory balance, $221,170 inventory ordered