Refer to the information in BE6–10, but now assume that Shankar uses a periodic system to record inventory transactions. Record transactions for the purchase and sale of inventory.
In BE6–10, Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2015, for $40,000 and then sells this inventory on account on March 17, 2015, for $60,000.