Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, 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.)

Record the purchase of inventory on account

Date	General Journal	Debit	Credit
February 02

Record the payment on account

Date	General Journal	Debit	Credit
February 10