Write the journal entries

Problem 4 Singh Distributing Company uses the perpetual inventory system and engaged in the following transactions during May of the current year: May 3 May 7 May 8 May 10 Purchased office supplies for cash, $11,000. Purchased inventory on credit terms of 3/10, n/30, $76,000. Returned 25 percent of the inventory purchased on May 7. It was not the inventory ordered. Sold goods for cash, $17,000 (cost, $10,200) Sold inventory on credit terms offered to customers who purchased in large quantities (cost, $90,480). May 13 of 2/15,n/45, for $150 800, less $15,080 quantity discount May 16 May 17 Received wrong-sized inventory as a sales return from May 13 sale, $12,400, which is the net Paid the amount owed on account from the purchase of May 7, less the discount and the return. amount after the quantity discount. Singh's cost of the inventory received was $7 440. May 18 Purchased inventory of $152,000 on account. Payment terms were 2/10, net 30 May 26 Paid supplier for goods purchased on May 18. May 28 Received cash in full setlement of the account from the customer who pur-chased inventory on May 31 Purchased inventory for cash, $84,000, less a quantity discount of $8,400, plus freight charges of May 13. $2,200