Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $21,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. 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.)

Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $21,000, with terms 3/10,n/30. On February 10 , the company pays on account for the inventory. 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.) Journal entry worksheet Note: Enter debits before credits