Brief Exercise 6-13 Record purchase discounts of inventory using a perpetual system (LO6-5)

Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, n/30. On February 10, the company pays for the inventory that was purchased on account.

Record the inventory purchase on February 2 and the payment on February 10. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)