Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on

Question:

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.
Record the inventory purchase on February 2 and the payment on February 10.