Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $29,000, with terms 1/10, 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.)