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

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

Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $34,000, 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. (If no entry is required for a particular transaction/event, select "No journal entry required" In the first account field.)

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