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Shankar company uses a perpetual system to record inventory

Question - Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2012, for $40,000 and then sells this inventory on account on March 17, 2012, for $62,000.

Record transactions for the purchase and sale of inventory.

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Accounting Basics: Shankar company uses a perpetual system to record inventory

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Accounting Basics: Shankar company uses a perpetual system to record inventory

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