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Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on...

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Accounting

Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000 and then sells this inventory on account on March 17 for $42,000.

Record the purchase of inventory on account.

Record the sale of inventory on account.

Record the cost of goods sold.

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