Help S. Required information PA6-2 (Algo) Reporting Sales Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems (LO 6-4, LO 6-6) [The following information applies to the questions displayed below) The transactions listed below are typical of those involving New Books Incorporated and Readers Comer New Books is a wholesale merchandiser and Readers' Comer is a retail merchandiser. Assume all sales of merchandise from New Books to Readers Corner are made with terms n/30, and the two companies use perpetual Inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31 02 New Books sold merchandise to Readers Comer at a selling price of $560.000 The merchandise had cost New Books $419.000 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 $11,000 to Readers Corner, Readers' Corner also returned some books, which had cost New Books $2.200 and had been sold to Readers Corner for $3700 Just three days later Readers' Comer pald New Books, which settled all amounts owed, PAG-2 (Algo) Part 2 2. Prepare the journal entries New Books would record. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the cost of goods sold of $419,000. Note: Enter debits before credits. Transaction a(2) General Journal Debit Credit Prev WS Next entry worksheet