Question: Refer to the information in BE6-11, but now assume that Shankar uses a periodic system to record inventory transactions. Record the inventory purchase on February 2 and the inventory return on February 5.
BE6-11: Shankar Company uses a perpetual system to record inventory transactions. The company purchases 1,000 units of inventory on account on February 2, 2012, for $30,000 ($30 per unit) but then returns 50 defective units on February 5, 2012. Record the inventory purchase on February 2 and the inventory return on February 5.