Question: (right click + open in new tab for higher resolution picture) Shankar Company uses a perpetual system to record inventory transactions The company purchases 2,000

(right click + open in new tab for higher resolution picture)

(right click + open in new tab for higher resolution picture) Shankar

Shankar Company uses a perpetual system to record inventory transactions The company purchases 2,000 units of inventory on account on February 2 for $58,000 ($29 per unit) but then returns 150 defective units on February 5. Record the inventory purchase on February 2 and the inventory return on February 5. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

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