Question
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2012, for $40,000 and then sells
| Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2012, for $40,000 and then sells this inventory on account on March 17, 2012, for $62,000. |
| Record transactions for the purchase and sale of inventory.(Omit the "$" sign in your response.) |
| Date | General Journal | Debit | Credit |
| Feb. 2, 2012 | n/r | n/r | |
| n/r | n/r | ||
| Mar. 17, 2012 | n/r | n/r | |
| n/r | n/r | ||
| n/r | n/r | ||
| n/r | n/r |
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Financial And Management Accounting An Introduction
Authors: Pauline Weetman
8th Edition
1292244410, 978-1292244419
