1) On August 24, Bramble Corporation purchased inventory on account from Sheffield Inc. The selling price of the goods is $38,800 and the cost of goods sold is $18,120. Both companies use perpetual inventory systems. Record the above transactions on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

On August 24 , Bramble Corporation purchased inventory on account from Sheffield Inc. The selling price of the goods is $38,800 and the cost of goods sold is $18,120. Both companies use perpetual inventory systems. Record the above transactions on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do no indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Bramble Corporation (Buyer): Date Account Titles and Explanation Debit Dedit Aug. 24 (Purchase of merchandise on account) Sheffield Inc (Seller)