Check my work Required information [The following information applies to the questions displayed below The transactions isted below are typlcal of those Involving New Books Inc. and Readers Corner New Books is a wholesale merchandiser and Readers Comer is a retal merchandiser. Assume all sales of merchandise from New Books to Readers Comer are made with terms n/30, and the two companles use perpetual Inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31 a New Books sold merchandise to Readers Corner at a selling price of $620,000. The merchandise had cost New Books $443,000 b. Two days later, Readers Corner complained to New Books that some of the merchandise differed from what Readers Corner had ordered. New Books agreed to give an allowance of $10,500 to Readers Comer Readers Comer also returned some books, which had cost New Books $3.400 and had been sold to Readers Comer for $4,900. c Just three days later, Readers Comer paid New Books which sottled all amounts owed Required t Indicate the amount and drecton of the effect-for increase. - for decrease, and NE for no offect of each transecon on the Inventory beiance of Readers Coner lEnter all amounts as positive es > Type here to search