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Brief Exercise 6-13 Record purchase discounts of inventory using a perpetual system (L06-5) Shankar Company...

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Brief Exercise 6-13 Record purchase discounts of inventory using a perpetual system (L06-5) Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $32,000, with terms 1/10, n/30. On February 10, the company pays for the inventory that was purchased on account 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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