On August 24, Novak Corporation purchased inventory on account from Flounder Inc. The selling price of the goods is $32,800 and the cost of goods sold is $15,120. 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.) Novak Corporation (Buyer): Date Account Titles and Explanation Aug. 24 (Purchase of merchandise on account) Flounder Inc (Seller): Debit Credit Date Account Titles and Explanation Debit Credit Aug. 24