Shankar Company uses a perpetual 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. (If no entry is required for a transaction/event, select "No journal ent required" in the first account field.) Journal entry worksheet Record the purchase of inventory on account. Note: Enter debits before credits. Journal entry worksheet