Account Titles and Explanation Debit Credit Ivanhoe Metlock (To record sale of merchandise) Ivanhoe Company buys merchandise on account from Metlock Company. The selling price of the goods is $1,290 and the cost of the goods sold is $770. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)