Question: Brief Exercise 6-11 Record freight charges for inventory using a perpetual system (LO6-5) Shankar Company uses a perpetual system to record inventory transactions. The company

 Brief Exercise 6-11 Record freight charges for inventory using a perpetual

Brief Exercise 6-11 Record freight charges for inventory using a perpetual system (LO6-5) Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $23,000 In addition to the cost of inventory, the company also pays S430 for freight charges associated with the purchase on the same day. Record the purchase of inventory on February 2, including the freight charges. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date General Journal Credit Debit 32,520 X 1 February 02 Inventory Accounts Payable Cash 32.000 520 % %

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