Journal entry worksheet Record the cost of goods sold adjustment to inventory. Note: Enter de bits before credits. Required Information [The following information applies to the questions displayed below.] The transactlons listed below are typical of those involving New Books Incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retall merchandlser. Assume all sales of merchandlse from New Books to Readers" Corner are made with terms n/30, and the two companles use perpetual inventory systems. Assume the following transactions between the two companles occurred in the order listed during the year ended August 31. a. New Books sold merchandise to Readers' Corner at a selling price of $550,000. The merchandise had cost New Books $415,000. b. Two days later, Readers' Corner complaned to New Books that some of the merchandlse differed from what Readers' Corner had ordered. New Books agreed to glve an allowance of $10,000 to Readers" Corner. Readers" Comer also returned some books, which had cost New Books $2,000 and had been sold to Readers' Corner for $3,500. c. Just three days later, Readers' Corner pald New Books, which settled all amounts owed. Prepare the Journal entrles New Books would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2345 Record the sales on account of $550,000 to Readers' Corner on terms n/30. Note: Enter debits before credits. Journal entry worksheet 1 Record the returns and allowances granted to Reader's Corner. Note: Enter debits before credits. Journal entry worksheet 5 Record the cost of goods sold of $415,000. Note: Enter debits before credits. Journal entry worksheet Record the receipt of payment in full from Readers' Corner. Note: Enter debits before credits