Brief Exercise 5-3 Concord Company buys merchandise on account from Pharoah Company. The selling price of the goods is $790, and the cost of the goods is $470. 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 O for the amounts.) Debit Credit Account Titles and Explanation Concord Company Pharoah Company To record credit sale)