Prepare the journal entries to record New Books transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the sales on account of $585,000 to Readers' Corner. Record the cost of goods sold of $429,000. Record the return of $13, 500 unsatisfactory merchandise by Readers' Corner for which credit was given to the customer. Record the receipt of payment in full from Readers' Corner. = journal entry has been entered