Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000 and then sells this inventory on account on March 17 for $42,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the purchase of inventory on account. Note: Enter debits before credits Date General Journal Debit Credit February 02 Record entry Clear entry View general journal Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000 and then sells this inventory on account on March 17 for $42,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the sale of inventory on account. Note: Enter debits before credits General Journal Debit Credit Date March 17 Record entry Clear entry View general Journal Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000 and then sells this inventory on account on March 17 for $42,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet