Shankar Company uses a periodic 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 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.) View transaction list Journal entry worksheet 2 Record the payment on account. Note: Enter debits before credits. Date General Journal Debit Credit February 10 Accounts Payable 40,000 Ch