Summer Corporation purchased inventory costing $130,000 and sold 75% of the goods for $172,500. All purchases and sales were on account. Summer later collected 25% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. 1. Journalize these transactions for Summer, which uses the perpetual inventory system. Joumalize the purchase of inventory. (Record debits first, then credits. Exclude explanations from any journal entries.)