Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $39,000. In addition to the cost of inventory, the company also pays $590 for freight charges associated with the purchase on the same day. Record (a) the purchase of inventory on account and (b) payment of freight charges. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $39,000. In addition to the cost of inventory, the company also pays $590 for freight charges associated with the purchase on the same day. Record (a) the purchase of inventory on account and (b) payment of freight charges. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)