Required information [The following information applies to the questions dispiaynd 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 Peaders' Comer 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' Cornet at a selling price of $590,000. The merchandise had cost New Books $431000. b. Two deys latec, Readess' Comer complained to New Books that some of the merchandise differed from what Readers' Comer had ordered, New Books agreed to give an allowance of $14,000 to Reoders' Cornec Readers' Comer also returned some books, which had cost New Books $2,800 and had been sold to Readers' Corner for $4,300. c. Just theee days later, Readers' Corner paid New Books, which settled all amounts owed. 2. Prepare the journat enties New Books would tecord. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Recorv the sales on accouns of $590,000 to Readers? Corner on terma N/z. i Eecord the cost of goeds sold of $431,000 30. 3. Record the returns and allowances granted to Reader's Corner. 4. Record the cost of goods sold adjutment to inventory. Ciedia 5 Record the receipt of payment in fulif from Readers' Corner