Required Information [The following information applies to the questions displayed below.] The transactions IIsted below are typical of those involving New Books Incorporated and Readers" Corner. New Books Is a wholesale merchandiser and Readers" Corner is a retall merchandiser. Assume all sales of merchandise from New Books to Readers" Corner are made with terms n/30, and the two companles use perpetual inventory systems. Assume the following transactions between the two companles occurred in the order listed during the year ended August 31. a. New Books sold merchandlse to Readers' Corner at a selling price of $550,000. The merchandise had cost New Books $415,000. 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 glve an allowance of $10,000 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $2,000 and had been sold to Readers' Corner for $3,500. c. Just three days later, Readers' Corner pald New Books, which settled all amounts owed. Prepare the Journal entrles 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 45 Record the sales on account of $550,000 to Readers' Corner on terms n/30. Note: Enter de bits before credits. Required Information [The following information applies to the questions displayed below.] The transactlons listed below are typical of those Involving New Books Incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retall merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companles use perpetual Inventory systems. Assume the following transactlons between the two companles occurred in the order listed during the year ended August 31. a. New Books sold merchandise to Readers' Corner at a selling price of $550,000. The merchandise had cost New Books $415,000. b. Two days later, Readers" Comer complained to New Books that some of the merchandise differed from what Readers' Comer had ordered. New Books agreed to glve an allowance of $10,000 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $2,000 and had been sold to Readers" Corner for $3,500. c. Just three days later, Readers' Corner pald New Books, which settled all amounts owed. Prepare the Journal entrles 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 Note: Enter debits before credits. 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 retall merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companles use perpetual Inventory systems. Assume the following transactions between the two companles occurred in the order listed durling the year ended August 31. a. New Books sold merchandlse to Readers' Corner at a selling price of $550,000. The merchandise had cost New Books $415,000. b. Two days later, Readers" Comer complained to New Books that some of the merchandlse differed from what Readers' Comer had ordered. New Books agreed to glve an allowance of $10,000 to Readers' Corner. Readers' Corner also returned some books, whlch had cost New Books $2,000 and had been sold to Readers" Corner for $3,500. c. Just three days later, Readers' Corner pald New Books, which settled all amounts owed. Prepare the Journal entrles 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 1234 Record the receipt of payment in full from Readers' Corner. Note: Enter debits before credits. Required Information [The following information applies to the questions displayed below.] The transactions Ilsted below are typlcal of those Involving New Books Incorporated and Readers" Corner. New Books is a wholesale merchandiser and Readers' Corner is a retall merchandiser. Assume all sales of merchandise from New Books to Readers" Corner are made with terms n/30, and the two companles use perpetual inventory systems. Assume the following transactions between the two companles occurred in the order listed during the year ended August 31. a. New Books sold merchandise to Readers' Corner at a selling price of $550,000. The merchandise had cost New Books $415,000. 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 $10,000 to Readers" Comer. Readers" Corner also retumed some books, which had cost New Books $2,000 and had been sold to Readers' Corner for $3,500. c. Just three days later, Readers' Corner pald New Books, which settled all amounts owed. Prepare the Journal entrles 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