Shankar Company uses a periodic system to record inventory transactions. The company purchases 1,000 units of inventory on account on February 2 for $39,000 ($39 per unit) but then returns 50 defective units on February 5. Record the inventory purchase on February 2 and the inventory return on February 5. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet 1 Record the purchase of inventory on account. Note: Enter debits before credits. General Journal Debit Credit Date February 02 Record entry Clear entry View general journal Journal entry worksheet