Pharoah Company buys merchandlse on account from Sheffield Company. The selling price of the goods is $$1,180,$ and the cost of the goods is $$840,$ Both companles use perpetual inventory systems. Joumalize the tremaction on the books of both companies, $($thst all deblt entries before credit enitries. Chedit account bties are automatically indented when the amount is entered. Do not indent manudily. If no entry is required, select $"$No Entry" for the acoount titdes and enter of for the amounts.$)$

Account Titles and Explanation

Debit

Credit

pharath Conestr

$($To record credit purchase of invention$)$

Shelfielt Comonry

$($To reard areat zeir$)$

To reape coct of nerthandse soild$).$