Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $36,000 and then sells this inventory on account on March 17 for $56,000.

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.)