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Shankar Company uses a perpetual system to account for inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Determine the financial statement effects of the purchase of inventory on account and sale of inventory on account. Complete this question by entering your answers in the tabs below. Purchase Determine the financial statement effects of the purchase of inventory on account. Note: Amounts to be deducted should be indicated by a minus sign. Inventory Sale Assets Balance Sheet Liabilities $ 40,000 Accounts Payable $ 40,000 Stockholders' Equity Common Retained Stock Earnings Income Statement Expenses

Shankar Company uses a perpetual system to account for inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this Inventory on account on March 17 for $60,000. Determine the financial statement effects of the purchase of inventory on account and sale of inventory on account. Complete this question by entering your answers in the tabs below. Determine the financial statement effects of the sale of inventory on account. Note: Amounts to be deducted should be indicated by a minus sign. Shankar Company uses a perpetual system to account for inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Determine the financial statement effects of the purchase of inventory on account and sale of inventory on account. Complete this question by entering your answers in the tabs below. Determine the financial statement effects of the purchase of inventory on account. Note: Amounts to be deducted should be indicated by a minus sign. ual system to account for inventory transactions. The company purchases inventory on account on sells this inventory on account on March 17 for $60,000. it effects of the purchase of inventory on account and sale of inventory on account. tering your answers in the tabs below. It effects of the purchase of inventory on account. pould be indicated by a minus sign. itory transactions. The company purchases inventory on account on ton March 17 for $60,000. 'entory on account and sale of inventory on account. sbs below. on account. jn

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