Shankar Company uses a periodic system to record inventory transactions. The company purchases

inventory on account on February $2$ for $$37,000,$ with terms $\frac{3}{10},\frac{n}{30}.$ On February $10,$ the company pays

on account for the inventory.

Record the inventory purchase on February $2$ and the payment on February $10.$

Note: If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the

first account field.

Journal entry worksheet

$1$

$2$

Record the purchase of inventory on account.

Note: Enter debits before credits.