Pharoah Company buys merchandise on account from Sheffield Company. The selling price of the goods is $1,180, and the cost of the goods is $840. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Pharoah Company Inventory Accounts Payable (To record credit purchase of inventory) Sheffield Company (To record credit sale) (To record cost of merchandise sold)