Refer to the information in BE6–13, but now assume that Shankar uses a periodic system to record inventory transactions. Record the inventory purchase on February 2 and the payment on February 10.
In BE6–13, Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2015, for $40,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory.