Novak Company buys merchandise on account from Bramble Corp.. The selling price of the goods is $1,350, and the cost of the goods is $940. Both companies use perpetual inventory systems.Journalize the...

Novak Company buys merchandise on account from Bramble Corp.. The selling price of the goods is $1,350, and the cost of the goods is $940. Both companies use perpetual inventory systems.


Journalize the transaction on the books of both companies.

Extracted text: Account Titles and Explanation Debit Credit Novak Company Bramble Corp. (To record credit sale) (To record cost of merchandise sold)