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the rest of what i have is right please fill out the rest of the blanks for A B C thank you Required information [The

the rest of what i have is right
please fill out the rest of the blanks for A B C
thank you
image text in transcribed
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 3. New Books sold merchandise to Readers Corner at a selling price of $550,000. The merchandise had cost New Books 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' Comer also returned some books, which had cost New Books $2.000 and had been sold to Readers' Corner for $3,500. Just three days loter, Readers Corner paid New Books, which settled all amounts owed. Required: 1. For each of the events (a) 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.) Transaction Sales Net Sales Allowances Gross Profit Sales Revenues 550.000 0 Sales Returns 0 3.500 Cost of Goods Sold 415,000 0 550,000 135,000 b 10,000

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