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Complete this question by entering your answers in the tabs below. Shankar Company uses a...

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Accounting

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image Complete this question by entering your answers in the tabs below. Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $53,000, with terms 2/10,n/30. On February 10 , the company pays on account for the inventory. Required: (a) Determine the financial statement effects for the inventory purchase on account on February 2. (b) Determine the financial statement effects for the payment on February 10. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below

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