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Shankar Company uses a perpetual system to record inventory transactions. The company purchases 2,000 units...

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Accounting

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Shankar Company uses a perpetual system to record inventory transactions. The company purchases 2,000 units of inventory on account on February 2 ($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, selec entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit February 02

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