On August 24, Flounder Corporation purchased inventory on account from Novak Inc. The selling price of the goods is $29,800 and the cost of goods sold is $13,620. 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 O for the amounts.) Flounder Corporation (Buyer): Date Account Titles and Explanation Aug. 24 Debit Credit (Purchase of merchandise on account) Novak Inc (Seller): Date Account Titles and Explanation Debit Credit Aug. 24 24 (Sale of merchandise) (Cost of goods sold recorded)