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Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2015, for $25,000, with terms 2/10,

Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2015, for $25,000, with terms 2/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10. 1) record the purchase of inventory on account. 2) record the payment on account.

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