On August 24, Bridgeport Corporation purchased inventory on account from Sarasota Inc. The selling price of the goods is $ 27.400 and the cost of goods sold is $ 12,420. 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 entero for the amounts.) Bridgeport Corporation (Buyer): Date Account Titles and Explanation Debit Credit Aug. 24 (Purchase of merchandise on account) Sarasota Inc (Seller: Credit Date Debit Account Titles and Explanation Aug. 24 (Sale of merchandise) 24 (Cost of goods sold recorded)