Required information [The following information applies to the questions displayed 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 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 $565,000. The merchandise had cost New Books $421,000. 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 $11,500 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $2,300 and had been sold to Readers' Corner for $3,800. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. 2. Prepare the journal entries New Books would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 5 Record the sales on account of $565,000 to Readers' Corner on terms n/30. Note: Enter debits before credits