Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 In addition to the cost of inventory, the company also pays $600 for freight charges associated with the purchase on the same day. Record the purchase of inventory on February 2, including the freight charges, (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the purchase of inventory on account. Note: Enter debits before credits