Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $39,000, with terms 2/10, 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.) 1.Record the purchase of inventory on account. 2.Record the payment on account.