Required information (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 Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. Now 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 Just three days later, Readers' Corner paid New Books, which settled all amounts owed. Required 1. For each of the events () 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.) Answer is complete and correct. Transaction Sales Returns Sales Allowances Gross Profi Sales Revenues 595,000 1 Net Sales 595,000 (18,900) Cost of goods 433,000 2.900) 4 ,400 14,500 162.000 (16,000) Required information The w inmations to the questions displayed below The transactions isted below are typical of those involving New Booking and Readers Corner Now Books wholesale merchandiser and Readers' Corner is a real merchandiser Assume a sales of merchandise from New Books to Readers' comer are made with terms/30, and the two companies use perpetuinventory systems. Assume the following transactions between the two companies occurred in the order sted during the ver ended August New Books sold merchandise to Readers' Corner at a selling price of $595.000 The merchandise had cost New Books $433.000 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' Comer Readers' Comer also returned some books, which had cost New Books $2.900 and had been sold to Readers Corner for $4.400 Just three days later, Readers' Corner paid New Books, which settled all amounts owed 2. 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.) View transaction list Journal entry worksheet