Shankar Company uses a periodic system to record inventory transactions. The company purchases Inventory on account on February 2 for $27.000, 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