Shankar Company uses a perpetual system to record inventory transactions. The company purchases 1,500 units of inventory on account on February 2 for $31,500 ($21 per unit) but then returns 100 defective units on February 5. Record the inventory purchase on February 2 and the inventory return on February 5. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) 1.Record the purchase of inventory on account. 2Record the return of inventory purchased.

1.1.Record the purchase of inventory on account.

2.Record the return of inventory purchased