Bridgeport Company buys merchandise on account from Novak Corp.. The selling price of the goods is $$1,500,$ and the cost of the

goods is $$1,180.$ Both companies use perpetual inventory systems.

Journalize the transaction on the books of both companies. $($Credit account titles are automatically indented when 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.$)$

Account Titles and Explanation

Debit

Credit

Bridgeport Company

Novak Corp.

$($To record credit sale$)$

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