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' Comer 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 Comer had ordered. New Books agreed to give 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. Just tivee 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.) View transactions Journal entry worksheet 1 2 5 Record the sales on account of $550,000 to Readers Corner on terms 30 MacBook Pro 44 0 > 3 4 5 7 CO 9 0 C P F G J K