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 (a) the inventory purchase on account on February 2 and (b) 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.) View transaction list Journal entry worksheet 1 2 Record the purchase of inventory on account. Note: Enter debits before credits. Date February 02 Record entry General Journal Clear entry Debit Credit View general journal >

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 (a) the inventory purchase on account on February 2 and (b) 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.) Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits