Required intormation PA6-2 (Algo) Reporting Sales Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems (LO 6-4, LO 6-6] 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' Comer 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 isted during the year ended August 31, 3. New Books sold merchandise to Readers' Comer at a selling price of $560,000. The merchandise had cost New Books $419,000 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 $11,000 to Readers Comer Readers Corner also returned some books, which had cost New Books $2.200 and had been sold to Readers Corner for $3.700 c. Just three days later, Readers' Comer paid New Books, which settled all amounts owed. PA6-2 (Algo) Part 1 Required: 1. For each of the events to 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.) of 11 Next > ch E CH 63' Mostly dear