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

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Accounting

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Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $29,000. In addition to the cost of inventory, the company also pays $490 for freight charges associated with the purchase on the same day. Record the purchase of inventory on February 2, including the freight charges. (If no entry is required for a particular transaction/event, select"No journal 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 Deii credit February 02 Record entry Clear entry View general journal

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