On August 24, Pocras Corporation purchased merchandise on account from Wydell Inc. The selling price of the

Question:

On August 24, Pocras Corporation purchased merchandise on account from Wydell Inc. The selling price of the goods is $900 and the cost of goods sold is $590. Both companies use perpetual inventory systems. Record the above transactions on the books of both companies.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...