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Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $30,000 and then sells this inventory on account on March 17 for $50,000. Record transactions for (a) the purchase of inventory on account and (b) the sale of inventory on account. (If no entry is required for particular transaction/event, select "No Journol Entry Required" in the first account field.) Journal entry worksheet Record the purchase of inventory on account. Note: Enter debits before credits. Shankar Company uses a perpetual system to record inventory transactions. The company purchases inven February 2 for $30.000 and then sells this inventory on account on March 17 for $50.000. Record transactions for (a) the purchase of inventory on account and (b) the sale of inventory on account. (If particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventc February 2 for $30,000 and then sells this inventory on account on March 17 for $50,000. Record transactions for (a) the purchase of inventory on account and (b) the sale of inventory on account. (If n particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits; Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $38,000 In addition to the cost of inventory, the company also pays $580 for freight charges associated with the purchase on the same day Record (a) the purchase of inventory on account and (b) payment of freight charges. (If no entry is required for o particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $38,000 In addition to the cost of Inventory. the company also pays $580 for freight charges associated with the purchase on the same day. Record (a) the purchase of inventory on account and (b) payment of freight charges, (if no entry is required for a porticulor transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet