Brief Exercise 6-10 Record inventory purchases and sales using a perpetual system (LO5)

Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2015, for $25,000 and then sells this inventory on account on March 17, 2015, for $45,000.

Record transactions for the purchase and sale of inventory.

1-Record the purchase of inventory on account.

2-Record the sale of inventory on account.

3- Record the cost of inventory sold.