Shankar Company uses a perlodic system to record Inventory transactions. The company purchases Inventory on account on February

$2$ for $$30,000$ and then sells this inventory on account on March $17$ for $$50,000.$

Record transactions for the purchase and sale of Inventory.

Note: If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Requlred" In the first account fleld.

Answer is complete but not entirely correct.