72 Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $38,000 and then sells this inventory on account on March 17 for $58,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) !! View transaction list View journal entry worksheet X eBook No Date General Journal Debit Credit 1 February 02 38,000 Inventory Accounts Payable 38,000 2 March 17 Accounts Receivable 58,000 Sales Revenue 58,000