Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000. In addition to the cost of inventory, the company also pays $420 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 transaction/event, select "No journal entry required" in the first account field.)
1. Record the purchase of inventory on account.
2. Record the payment of freight charges in cash.