Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2015, for $25,000 and then sells this inventory on account on March 17, 2015, for $45,000.
Record transactions for the purchase and sale of inventory.
1- Record the purchase of inventory on account.
2- Record the sale of inventory on account.
3- Record the cost of inventory sold.