Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on oceount on February 2 for $33,000 and then sells this inventory on account on March 17 for $53,000. Record transactions for (a) the purchase of inventory on account and (b) the sale of inventory on account (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. Journal entry worksheet Record the sale of inventory on account. Note: Enter debits before credits. Journal entry worksheet Record the cost of inventory sold. Note: Enter debits before credits