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Sheridan Company buys merchandise on account from Concord Company. The selling price of the goods is $850, and the cost of the goods is $500. 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 Ofor the amounts Debit Credit Account Titles and Explanation Sheridan Company (To record credit purchase of inventory) Concord Company (To record credit sale) (To record cost of merchandise sold) e Textbook and Media List of Accounts