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Saved Required information PA6-1 Reporting Purchase Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems (LO 6-3) (The following information applies to the questions displayed below.) The transactions listed below are typical of those involving New Books Inc. 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 $595,000. The merchandise had cost New Books $433,000. 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 $14,500 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $2,900 and had been sold to Readers' Corner for $4,400. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. PA6-1 Part 2 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 T...Albant PE Required information View transaction list x 1 Record the purchase of $595,000 on account. 2 Record the return of unsatisfactory merchandise for which credit was given. 3 Record the payment in full. it Credit Note : journal entry has been entered a. New Books sold merchandise to Readers' Corner at a selling price of $645,000. The merchandise had cost New Books $453,000 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 $13,000 to Readers' Corner Readers' Corner also returned some books, which had cost New Books $3,900 and had been sold to Readers' Corner for $5,400. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. PA6-2 Part 1 Required: 1. For each of the events (a) through (), indicate the amount and direction of the effect on New Books in terms of the following items. (Enter any decreases to account balances with a minus sign.) Sales Transaction Sales Revenues Sales Allowances Net Sales Returns Cost of Goods Sold Gross Profit b. C CD View transaction list X Record the sales on account of $645,000 to Readers' Corner on terms n/30. 7 n/30. 2 Record the cost of goods sold of $453,000. 3 Record the return of $18,400 unsatisfactory merchandise by Readers' Corner for which credit was given to the customer. Cred 4 Record the cost of goods sold adjustment to inventory. 5 Record the receipt of payment in full from Readers' Corner. Note: journal entry has been entered Record entry clear entry View general