Record the purchase of inventory on account

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Reference no: EM13913965

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.

Reference no: EM13913965

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