On August $24,$ Swifty Corporation purchased inventory on account from Blue Spruce Inc. The selling price of the goods is $$36,400$ and the cost of goods sold is $$16,920.$ 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.$)$

Swifty Corporation $($Buyer$)$:

Date Account Titles and Explanation

Debit

Credit

Aug. $24$

$($Purchase of merchandise on account$)$

Blue Spruce Inc. $($Seller$)$:

Date Account Titles and Explanation

Debit

Credit

Aug. $24$

$($Sale of merchandise$)$

$24$

$($Cost of goods sold recorded$)$

eTextbook and Media

$37$

List of Accounts