Required information [The following information applies to the questions displayed below] The transactions isted 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 Readers' 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' Comer at a selling price of $585,000. The merchandise had cost New Books $429,000 b. Two days later, Readers' Comer complained to New Books that some of the merchandise differod from what Readers' Corner had ordered. New Books agreed to give. an allowance of $13,500 to Readers' Corner. Readers' Corner also retumed some books, Which had cost New Books $2,700 and had been sold to Readers' Corner for $4,200. No further retums are expected. c. Just three days loter, Readers' Comer paid New Books, which settled all amounts owed. 2. Prepare the journal entries that Readers' Corner would record. (If no entry is required for a transoction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet Record the purchase of $585,000 on account. Notel Enter debles before credits