I completed the problem but was told it was not correct please can you correct the answers as well as show your work! thank you

[The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner 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. a. New Books sold merchandise to Readers' Corner at a selling price of $560,000. The merchandise had cost New Books $419,000. 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 $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 $3,700. No further returns are expected. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. Required: 1. Indicate the amount and direction of the effect (+ for increase, - for decrease, and No effect) of each transaction on the Inventory balance of Readers' Corner. Transaction Effect on Inventory Balance a. b. C. No effect 560,000 3,700 0 2. Prepare the journal entries that Readers' Corner would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Sales Revenue Accounts Receivable 2 b. 3 C. i Accounts Receivable Sales Returns and Allowances Accounts Receivable Cash 560,000 14,700 545,300 560,000 14,700 545,300