On August 24, Marigold Corporation purchased inventory on account from Martinez Inc. The selling price of the goods is $31,000 and the cost of goods sold is $14,220. 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.) Marigold Corporation (Buyer):

Date	Account Titles and Explanation	Debit	Credit
Aug. 24	enter an account title to record purchase of merchandise on account on August 24	enter a debit amount	enter a credit amount
	enter an account title to record purchase of merchandise on account on August 24	enter a debit amount	enter a credit amount
	(Purchase of merchandise on account)

Martinez Inc (Seller):

Date	Account Titles and Explanation	Debit	Credit
Aug. 24	enter an account title to record sale of merchandise on August 24	enter a debit amount	enter a credit amount
	enter an account title to record sale of merchandise on August 24	enter a debit amount	enter a credit amount
	(Sale of merchandise)
24	enter an account title to record cost of goods sold recorded on August 24	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold recorded on August 24	enter a debit amount	enter a credit amount
	(Cost of goods sold recorded)