Blossom Company buys merchandise on account from Kingbird Company. The selling price of the goods is $$900$ and the cost of the goods sold is $$580.$ 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 $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Blossom Company

Kingbird Company

$($To record sale of merchandise on account$)$

$($To record cost of goods sold$)$